Although it wasn't particularly hunting for any new funding, BigBand Networks
Inc. managed to snag another $15 million from a group of capital investors that
specialize in companies with maturing business plans.
The Redwood City, Calif.-based provider of gigabit-Ethernet television and
video-on-demand content-delivery and management systems will get the funding
boost from Meritech Capital Partners.
After four funding rounds, the company has gathered some $75 million from
investors including AOL Time Warner Ventures, Charles River Ventures, Evergreen
Investments, Pilot House Ventures Group LLC and Redpoint Ventures.
"The fact that we've got people pursuing us for investment in this
environment -- which is the exception to the rule -- is a validation of the fact
that people see us as an exception, and our business plan continues to work as
planned," BigBand president and CEO Amir Bassan-Eskenazi said.
"The good news is that we didn't need this investment -- we had an
opportunity to take it, and we took it so we can continue and build the
company," he added.
Meritech -- which focuses on investments with companies that have passed the
start-up phase -- was attracted to BigBand because of the broadband-delivery
market potential.
"We are very pleased to align with BigBand Networks, and we expect great
things from the company in the markets for video and multimedia services over
broadband networks," Meritech managing director Paul Madera said.
"We have carefully tracked BigBand Networks' progress over the past two years
and have been impressed by its continuing revenue growth in this difficult
economic environment," he added.
