ANDA's Expansion Funding Accelerates Global Expansion of EtherTone(TM)
Ethernet Aggregation Platforms
GLOBALCOMM, CHICAGO, June 6 /PRNewswire/ -- ANDA Networks, a late stage
venture backed leader in carrier-class Ethernet solutions for fiber and
copper-based access networks, announced today the closing of an additional
$10.5 million round of equity funding. Given the previous six quarters of
profitability, ANDA's new round of funding will be used for global
expansion to support new international customer Ethernet deployments.
Worldwide shipments will have more than doubled compared with the last half
of 2005. The new round's largest investors are: Venrock Associates,
Highland Capital Partners, and Crimson Investment. Additionally, 14 other
large financial institutions invested in the round.
"With a healthy cash balance, six quarters of profitability, and over
6200+ units shipped and deployed at Tier one carriers, this investment in
ANDA Networks is an endorsement of our solid business performance and top
position in carrier class metro Ethernet access," said Charles Kenmore,
president and CEO of ANDA Networks and Board Member of TIA the parent of
GLOBALCOMM. "We were oversubscribed in our funding round because of two key
factors: First, our highly cost efficient hybrid silicon valley-China
business model resulted in an excess of $25M of annual expense savings and
secondly, ANDA is being deployed as the primary Ethernet access supplier
for several of the largest wireline and wireless carriers in North
America."
Announced yesterday at GLOBALCOMM, ANDA has certified, type approved,
shipped and deployed equipment in 12 new countries outside of ANDA's U.S.
and Canadian customer base. Building on the successful ANDA Networks
EtherTone product family in North America, ANDA will further expand its
sales, marketing, and support in Europe, Asia Pacific and Latin America.
The new round of funding allows ANDA to accelerate its footprint worldwide,
as Current Analysis estimates the market for carrier Ethernet Services will
grow to over $23B by 2008.
"We believe that ANDA's hybrid silicon valley -- China business model
is the leading example of a cash-efficient network startup while winning
key Tier one customers, including Verizon (worldwide), Bell Canada and
Rogers Communications for metro Ethernet service deployments," said Tony
Sun, Managing General Partner, Venrock Associates. "This business model is
an attractive investment because it permits a company to reach
profitability at a fraction of the capital required using a traditional
U.S. based cost structure."
ANDA EtherTone solutions provide cost-effective Ethernet access,
aggregation and transport for consolidating Managed Ethernet Private lines
such as E-Line and E-LAN, and now wireless backhaul applications, such as
WiMAX, WiFi or cellular extensions for business customers requiring a
simple Ethernet interface at the customer premise with connection into the
Packet Switched Network.
ANDA will be available to highlight its overall EtherTone solutions at
GLOBALCOMM in Chicago on June 5-8, 2006 at Booth #42037.
About ANDA Networks
Founded in 1998 with company headquarters in Sunnyvale, California,
ANDA Networks provides carrier-class solutions for delivering
cost-effective Ethernet services over both fiber- and copper-based Access
Networks worldwide. ANDA's portfolio of solutions includes EtherTone(TM), a
family of products that enables carriers to deliver Ethernet, VoIP, and
Circuit-to-Packet services over existing copper and fiber infrastructure by
leveraging highly economical Ethernet technology, and the Universal Access
Platform(R), an Optical Line Terminal, for carriers Fiber-To-The-Home
(FTTH) PON deployments. For more information on ANDA Networks, visit
http://www.andanetworks.com .
Media Contact: Company Contact:
John C. Tran Greg Gum
Neale-May & Partners ANDA Networks, Inc.
650-328-5555 ext. 277 408-519-4847
jtran@nealemay.com ggum@andanetworks.com
SOURCE ANDA Networks, Inc.
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Related links:
http://www.andanetworks.com/
CONTACT:
Greg Gum of ANDA Networks, Inc.,
+1-408-519-4847, or ggum@andanetworks.com; or media, John C. Tran
of Neale-May & Partners, +1-650-328-5555, ext. 277, or
jtran@nealemay.com, for ANDA Networks, Inc.
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