SOURCE: Mavenir Systems

July 06, 2006 08:00 ET

Mavenir Systems Raises $13.1M for Worldwide Expansion

Telecom Manufacturer Leads the Way in Convergence Services

RICHARDSON, TX -- (MARKET WIRE) -- July 6, 2006 -- Mavenir Systems announces it has raised $13.1 million to expand its operations in the $50B convergence services market. The company plans to use these funds to expand its sales and operations teams globally by building on its core group of seasoned telecom experts from Alcatel, Cisco Systems, Ericsson, Nortel, and Qualcomm.

"Our product serves telecommunications' sweet spot -- convergence," said Pulin Patel, CEO of Mavenir Systems. "This round of funding moves Mavenir from the development phase into the deployment phase." Mavenir and its major manufacturer partners are enabling our carrier customers to offer seamless communication and entertainment services to consumers without overhauling their network. "Service providers who deliver True Convergence services before their competitors will have access to a large untapped market and posses a huge competitive advantage," said Patel.

True Convergence is more than just fixed-to-mobile network voice calls (FMC) or television delivered to a handset, it is the ability to deliver any communication or entertainment service continuously across any network to any user on any device at any time. Mavenir is leading the way to True Convergence by bringing together 50+ wireless, IP and multimedia technology experts, a world-class management team of telecom and networking industry veterans, and investment from Austin Ventures and North Bridge Venture Partners. Austin Ventures along with key private investors was also a seed investor in Mavenir Systems. Mavenir's growth plans include offices in Richardson, Texas, and Shanghai, PRC.

"There is already solid market-driven demand for convergence services," said Venu Shamapant, General Partner at Austin Ventures. "Mavenir's solution offers service providers a pragmatic way to get to market fast with user-centric convergence services by leveraging their existing infrastructure."

Mavenir's convergence solutions sit squarely at the center of the biggest telecom shift in history. Industry analysts are predicting $10B in convergence-enabling equipment to be sold over the next 5 years and expect the revenue from these new convergence services to reach approximately $50B in the same period. Mavenir helps all types of service providers -- fixed, mobile, MVNO, cable, and even communications services like IM and chat -- to tap into this new source of revenue without waiting for network upgrades or the next-generation of convergence-friendly devices.

About Mavenir Systems

Mavenir Systems, the True Convergence Company™, is headquartered in Richardson, Texas, with offices in Shanghai. The company provides technology and products that enable any type of service provider to offer any type of communications service to any device across existing infrastructure.

Contact Information

  • Contact:
    Liz Kerton
    The Kerton Group for Mavenir Systems