chantry networks raises
$9 Million in series A financing
Ventures West leads round - One of the largest first round financings
in
Chantry Networks, based in Mississauga,
Ontario, will offer unique large scale wireless LAN infrastructure products
that will allow both Service Providers and Enterprise customers to easily deploy and support secure, highly scalable, low cost 802.11x
solutions. The architecture offers
standards-based interfaces while leveraging a unique design that allows
enhanced features and functionality. The company’s products will be easier to
maintain and service, cheaper to upgrade, and easily integrated into a client’s
existing broadband infrastructure.
“Given the current economic environment
and reduced venture capital investment in technology related startups, raising
this round of financing is a significant accomplishment and validates our value
proposition,” explains Chantry’s President and CEO
"We are very excited about our investment in
Chantry and the opportunities that are available to the company,” adds Ted
Anderson, Senior Vice President of Ventures West. “Although this is a very difficult time in
many technology focused markets, we believe that the team at Chantry, with
their many years of experience in designing wireless and access oriented
technologies and successfully bringing them to market, will be able to carve
out a position in the emerging WLAN market, allowing it to become a major
player in this rapidly growing sector."
Chantry’s unique architecture is designed to solve
the challenges of scalability, high cost deployment and network management
constraining the even wider adoption of wireless networks. The company offers a tremendous proposition for enterprise and service provider
customers looking to deploy wireless network infrastructure
The company concurrently
announced that Ted Anderson of Ventures West has joined Chantry’s Board of
Directors as Chairman. The Board
currently includes
About Chantry Networks:
Chantry Networks,
based in
About Ventures West:
Ventures West is a privately held venture capital
investment group that invests in early stage technology companies across North
America from offices in Vancouver, Toronto and Ottawa. Since its founding in 1968, Ventures West has
invested over $400 million in more than 150 companies. Ventures West has
the people, the expertise, and the capital to develop emerging technology
companies into market leaders. Our investment strategy focuses on four
technology sectors: Information Technology, Telecommunications, Biotechnology
and Power Technology. Our telecom portfolio includes ATMOS Corp.,
Convedia Corp, Galian Photonics, Intelligent Photonics Control, Nuvo Network
Management Inc. and Spectrum Signal Processing Inc. For more information, visit
www.ventureswest.com.
About
Venture Coaches
Venture Coaches is an Ottawa-based seed and early stage venture capital firm committed to building innovative photonic and wireless product companies. The focus is on companies that build and market components, modules, systems, network solutions, software and applications. Venture Coaches has built a strong industry network of business partners and advisors with investment, technology and management expertise to mentor our portfolio companies. For more information, visit www.venturecoaches.com
About Primaxis
Technology Ventures Inc.
Primaxis is a Toronto-based, early stage venture
capital fund that invests in leading-edge opportunities in the physical and
engineering sciences. The
Primaxis team includes entrepreneurs, scientists and engineers, and business
executives, who bring sector expertise, broad operational experience and vision
to our partner companies. Primaxis works closely with company founders to build
value in fundamental and strategic areas such as technology development,
intellectual property management, business development, human resources and
corporate governance. For
more information, visit www.primaxis.com.
For More Information:
Chantry
Networks
Tel (905) 567-6900
Fax (905) 567-0099
Ted
Anderson
Ventures West Management Inc.
Tel 416-861-2278
Fax 416-861-0866