Airband Secures $12.5 Million In Funding To Accelerate Growth In Existing Markets, Expand Product Set
New investor M/C Venture Partners leads round, joins Airband board
DALLAS – May 29, 2007 – Airband Communications, Inc., the largest fixed wireless company for business customers in the United States, announced today that it closed a new round of $12.5 million in Series C funding, led by new Airband investor M/C Venture Partners, a Boston-based venture capital firm focused on convergence in communications, IT services and media. Existing investors Sevin Rosen Funds, Crescendo Ventures, Key Venture Partners and Dolphin Equity Partners also participated in the funding.
“Airband will use the funding to broaden the company’s delivery of integrated, network-based voice and data services – including dedicated bandwidth up to GigE speeds, Voice over IP, and remote data protection – to mid-market companies over its market-leading fixed wireless network,” said Airband President and CEO Mark Spagnolo. “Already known for providing unmatched flexibility, scalability and customer service to businesses, Airband’s existing and new offerings will further enhance the range of communications options in its high-growth markets. Airband’s highly reliable and scalable fixed-wireless platform gives companies the ability to manage all of their services over one connection that meets bandwidth and application needs with a responsiveness that traditional providers can’t match.”
In conjunction with the funding round, Salvatore Tirabassi, partner with M/C Venture Partners, joins the Airband board of directors. Tirabassi was previously a partner with Dolphin Equity Partners where he served as a member of the Airband board. Tirabassi’s eight years of investment experience have been focused in the areas of communications and business services as well as Internet media.
“We are pleased to have Sal Tirabassi’s continued participation as an Airband board member, as well as the opportunity to benefit from the addition of M/C Venture Partners, a communications-focused investor with an outstanding track record, to our investment team,” said Spagnolo. “M/C’s involvement, along with the continued participation of our existing investors and board members, provides us with valuable venture and strategic resources to draw upon as we move forward.”
“With this funding, Airband can double its network capacity in some of America’s most technology and business savvy markets,” said Tirabassi. ” WiMAX is redefining how businesses address their strategy for mission-critical voice and data services, and Airband’s growing product set gives companies the communications platform they need to be successful in a world where instantaneous communications are essential. We believe that Airband’s timing, accomplished management team, market strategy and technology are right on target for near- and long-term success.”
About Airband Communications
Airband Communications, Inc. is the largest fixed wireless broadband provider for businesses in the United States. The company delivers a comprehensive portfolio of high-speed data, Voice over IP, remote data protection, security and other managed solutions – all over one of the industry’s most scalable last-mile networks. Airband bypasses the local phone company to provide faster provisioning intervals, immediate scalability and complete redundancy for its customers. As a result, 3,500 businesses already count on Airband for their broadband service. Airband is headquartered in Dallas, Texas. More information about the company is available at www.airband.com.
About M/C Venture Partners
M/C Venture Partners invests in emerging growth companies in the communications services, related information technology, and new media sectors throughout North America and Western Europe. The principals of M/C Venture Partners have over two decades of venture capital investing experience in emerging growth communications companies of all stages. During this period, the firm has managed over $1.8 billion of institutional capital, generating returns in the top quartile for venture capital funds. Companies the firm has backed include Metro PCS, which recently completed a highly successful $1.3B IPO, TeleCorp PCS, Triad Cellular, Crowley Cellular, and Brooks Fiber. Currently investing M/C Venture Partners VI, a $550 million fund raised in 2006, M/C Venture Partners has strong institutional backing from the nation’s leading pension funds and endowments. The firm has offices in Boston and San Francisco. For more information please visit www.mcventurepartners.com.
