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WELLINGTON - A technology firm founded in Wellington has raised US$10.25 million ($14.85 million) to boost its global sales and marketing effort.
OpenCloud Ltd was formed in 2000 to write software to help telecommunications network services link to a wide range of computerised equipment. Last year it moved its head office to Cambridge in England.
Today it announced it had raised US$10.25 million from its first institutional funding round, with New Zealand's No 8 Ventures one of three companies providing the funding. The other two are Advent Venture Partners and Motorola Ventures.
A previous investment in OpenCloud by No 8 Ventures was announced last May.
At that time No 8's Jenny Morel said OpenCloud had deployments with some significant international telcos. No 8 believed OpenCloud was poised to take advantage of its technological leadership and build a great business.
OpenCloud chairman Murray McNae said the company's product was now being used by Vodafone in Spain and several other tests were under way around the world.
With the technology proven, the new funding would be used to expand the sales and marketing activities of the company, primarily in Europe but also in other markets.
The funding providers would be taking shareholdings in OpenCloud, while the founders also remained significant shareholders, Mr McNae said.
While sales and marketing and headquarters functions were based in England, software development was still done in this country, and he and another of the original founders remained based in Wellington.
Advent Ventures general partner Martin McNair said OpenCloud's product met the need of the telecoms industry and the company had strong growth prospects and was well positioned to become a market leader.
To ensure faster time to market of new services, an open, commonly accepted standard was needed. Industry leaders recognised the JAIN SLEE standard on which OpenCloud's application servers were based was the main candidate.
OpenCloud said its product enabled telecoms operators and service providers to carry out new service deployment strategies rapidly, cost effectively and independently from current and future underlying networks.
- NZPA
