Avendo Wireless Secures Early Stage Financing
Toronto, Canada, April 25, 2001 –
Avendo Wireless Inc., an emerging broadband wireless company, today announced
the completion of a seed investment round of financing. The funds will be used
to develop revolutionary high bandwidth broadband wireless solutions targeted
at service providers and enterprises. Participants in the round were Primaxis
Technology Ventures Inc., Business Development Bank of Canada (BDC Venture
Capital), Venture Coaches and Temple Ridge Capital.
"Having investors of this caliber onboard is an affirmation of our vision
and the market opportunity," said Herman Chang, President. "Our
solution will fill a real need in the deployment of bandwidth intensive
applications within the metropolitan area."
Avendo’s technology is focused on providing a cost-effective wireless solution
to address the need for increasingly higher bandwidth in the ‘last mile’ at the
edge of optical networks. The company will be developing high bandwidth fixed
wireless communications products aimed at complementing the fiber-optic
network. Avendo’s products are targeted at service providers that need to
extend fiber and connect out-of-reach buildings to the fiber ring and
enterprises that need to connect inter-building networks, especially in campus
environments.
The co-founders of Avendo Wireless, Herman Chang and Alex Oprea have a combined
experience of over 50 years in the technology sector. In his most recent
position, Mr. Chang was President/COO of Springboard Wireless Networks, a
subsidiary of Kasten Chase Applied Research. He also has over 20 years of high
tech experience with companies including Bell Canada, Nortel Networks, and
Atomic Energy of Canada. Mr. Oprea has over 25 years of wireless design and
engineering experience, most recently as Chief Technology Officer of
Springboard Wireless Networks. He was also the Chief RF Designer at Kasten
Chase Applied Research and has worked at Mitel Corporation.
Ilse Treurnicht, CEO of Primaxis Technology Ventures said, "We were
excited about the opportunity to lead the seed round on the strength of its
underlying technology. We look forward to working with the founders to grow the
team and are pleased to have led the round with strategic financial
partners."
"We're very enthusiastic about the technology leadership and market
opportunity that Avendo Wireless has identified," said Claude Haw,
Managing Partner of Venture Coaches. "This particular investment reflects
our belief that broadband wireless access through innovative technologies is a
tremendous growth sector."
About Avendo Wireless
Avendo Wireless is a
technology leader in developing next-generation broadband wireless solutions.
Avendo will offer ultra-high bandwidth point-to-point and point-to-multipoint
systems that are spectrally efficient, highly reliable, flexible, and can
operate in true non-line-of-sight environments. For more information, please visit www.avendowireless.com.
About Primaxis Technology Ventures
Primaxis Technology Ventures Inc. creates companies by providing seed capital, business and technology management expertise, and access to global networks to bring ideas from the lab to the market. Primaxis, a $60 million seed fund, was founded in November 1998 and is headquartered in Toronto, Canada. For more information, please visit www.primaxis.com.
BDC Venture Capital is a major venture capital investor in Canada, having invested in over 200 companies since 1983. With over $400-million under management, BDC Venture Capital focuses on technology-based businesses that occupy a strategic position in their markets. For more information on BDC’s Venture Capital accomplishments and other BDC services, please visit www.bdc.ca.
Venture Coaches is an
Ottawa-based seed and early stage investor committed to building innovative
photonic and wireless technology companies. Venture Coaches combines an early
stage investment fund with a strong mentoring approach. The company’s partners
and advisors leverage extensive investment, technology and management
experience as well as a strong industry network to focus the entrepreneur’s
vision. With their strategic network,
Venture Coaches is committed to an active business acceleration model. For more information, please visit www.venturecoaches.com.
Contact:
Thomas Wen, VP Corporate
Development
Avendo Wireless
twen@avendowireless.com
Tel (905) 624-0699 ext. 31