Funding to fuel Navini's International Expansion, Research and Development
RICHARDSON, Texas - June 29, 2004 - Navini Networks, Inc., the leading provider of non-line-of-sight, zero-install wide-area wireless broadband technology, today announced it has successfully secured an additional $30 million in Series D funding. The round was led by Lehman Brothers Venture Partners. Participating with Lehman Brothers Venture Partners in the round of funding are existing Navini venture investors Austin Ventures, Granite Ventures, Sequoia Capital and Sternhill Partners. The round, which was significantly oversubscribed, will be used to fuel Navini's international expansion and research and development efforts. Today's announcement brings Navini's total funding to date to $115 million.
"In a volatile market, the fact that we were able to secure $30 million in financing speaks volumes not only about Navini's technology and people, but also about our business potential," said Alastair Westgarth, president and chief executive officer at Navini Networks. "The additional financing will allow Navini to add to an already solid foundation as well as to focus additional resources on our international expansion plans and our continual advancement efforts in the area of research and development," Westgarth added.
"Navini is a proven leader in the wireless broadband market," said Stewart Gollmer of Lehman Brothers Venture Partners and newly appointed Navini board member. "Their superior technology, management team and solid customer traction provided a very strong rationale for our investment."
Navini Networks recently announced the expansion and opening of an office in China. The new office, which opened in April of this year, is focused solely on the Asia-Pacific market. "The Asia-Pacific market is very attractive and offers some very appealing opportunities," said Westgarth. "Greg Marzullo, Navini's new vice president of global sales, brings a wealth of international experience and expertise, as well as a singular focus to our business approach. That focus will allow Navini to effectively penetrate the market and positions Navini for continued growth and expansion not only in the Asia-Pacific region, but other international markets as well."
About Navini Networks
Headquartered in Richardson, Texas, the heart of the Telecom Corridor, Navini Networks offers patented wide-area wireless broadband technology that addresses the world's need and desire for high-speed Internet access. Navini provides nomadic, zero-install, non-line-of-sight infrastructure to allow for anytime, anywhere Web access. Navini Networks' Ripwave™ products consist of a customer modem, base station, and element management system (EMS) and run in the 2.3 GHz WCS, 2.4 GHz ISM, 2.5/2.6 GHz ITFS/MMDS and 3.5 GHz WLL spectrums. Navini's solution results in a price/performance combination that is superior to other broadband offerings in the marketplace. For more information on Navini, please visit www.navini.com.
About Lehman Brothers
Lehman Brothers (ticker symbol NYSE: LEH), an innovator in global finance, serves the financial needs of corporations, governments and municipalities, institutional clients, and individuals worldwide. Founded in 1850, Lehman Brothers maintains leadership positions in equity and fixed income sales, trading and research, investment banking, private equity, asset management and private client services. The Firm is headquartered in New York, London, and Tokyo and operates in a network of offices around the world. Lehman Brothers Venture Partners, established in 1995, targets mid- to later-stage venture capital investments in companies capable of turning innovative technology solutions into successful businesses. For further information about Lehman Brothers' services, products, and recruitment opportunities, visit www.lehman.com.
Curtis Coats. III
Director of Marketing Communications Navini Networks