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E-Band Communications Corp. Raises "Series C" Funding Led by Hercules Technology Growth Capital and Avalon Ventures
Financing Round to Support Expanded Production and Business Operations .
SAN DIEGO E-Band Communications Corporation (E-Band), developer of Gigabit-Ethernet millimeter-wave wireless transmission systems, has raised its Series C financing round. Hercules Technology Growth Capital, Inc. (NASDAQ: HTGC – News), the leading specialty finance company providing venture debt and equity to technology and life science companies, led the round in collaboration with Avalon Ventures, a San Diego based venture capital firm.
“Hercules Technology Growth Capital is pleased to take the lead in this round of funding for E-Band as we see the demand for ultra-high capacity millimeter-wave radios accelerating as demand for content continues to grow,” said Manuel A. Henriquez, Co-founder, Chairman and CEO. “Hercules operates as a strategic partner with our portfolio companies to satisfy their growth capital needs. We believe E-Band Communications has the right product at the right time to solve carriers’ bandwidth limitations.”
“Wireless subscribers’ creation, sharing and consumption of rich media over mobile devices and the emergence of new 4G networks, like LTE and WiMax, are driving a new and unprecedented demand for ultra hi-cap millimeter wave E-Band radios to support carriers’ significant increase in demand for bandwidth and backhaul needs. Avalon Ventures backs disruptive and innovative early-stage wireless technology leaders with strong management teams,” said Stephen Tomlin, Managing Member, Avalon Ventures. “E-Band Communications is uniquely capable of delivering gigabits of bandwidth over the air and is positioned to become the solution of choice for backhaul requirements in carrier networks.”
“Over the past two years E-Band has developed and brought to market the highest performing carrier-grade GigE wireless transmission system available,” said CEO and Co-founder, Sam Smookler. “With our additional funding and the support of this outstanding set of investors we will accelerate our business operations expansion to support customers in the USA and internationally. The team at E-Band is delighted to have additional new investors who can aggressively support our growth and proud to have retained our early round investors.”
About E-Band Communications Corp.
E-Band Communications Corporation (E-Band) is a San Diego, California based firm that develops and markets ultra-high capacity, fiber-equivalent Gigabit Ethernet wireless communications systems in the 70/80 GHz E-band spectrum. E-Band’s “E-Link” family of products enable fiber-equivalent speeds over the air for backhaul of 3.5G and 4G mobile networks such as LTE and WiMAX as well as supporting fiber extension and enterprise network connections. The mission of E-Band is to serve Mobile Network Operators, Telecommunications Service Providers and Enterprise and Government applications providers with the most cost efficient and cost effective wireless fiber alternative. Learn more about E-Band Communications at www.e-band.com.
About Hercules Technology Growth Capital, Inc.:
Hercules Technology Growth Capital, Inc. is a NASDAQ traded specialty finance company providing debt and equity growth capital to technology and life science companies at all stages of development. Founded in December 2003, the company primarily finances privately held companies backed by leading venture capital and private equity firms. Hercules invests in a broad range of ventures active in technology and life science industries and offers a full suite of growth capital products up and down the capital structure. The company is headquartered in Palo Alto, Calif. and has additional offices in the Boston, Boulder, and Chicago areas. For more information, please visit www.HTGC.com.
About Avalon Ventures:
Avalon Ventures LLC is a San Diego-based venture capital firm that focuses on seed and early stage companies in life sciences, wireless communications and Web 3.0 digital media, primarily in California and the Northeast. Avalon’s current Fund, Avalon VIII L.P., is $150 million. Avalon Ventures is one of the longest-standing venture capital firms in San Diego, investing in life sciences and information technology opportunities locally and around the country since 1983 through eight Avalon Ventures funds. The collective market capitalization of Avalon Ventures’ portfolio companies (most founded by Avalon partners) currently exceeds $11 billion. For more information, visit the Avalon Ventures website at www.avalon-ventures.com.