FOR IMMEDIATE RELEASE: July 27, 2005
Media Contact: Melissa Hicks, Mosaic Marketing, 484.888.6766
PORTSMOUTH, N.H. - Today Whaleback Systems, developers of a business phone solution built from the ground up for broadband, announced a $3 million series A round of funding and an expanded partnership with Ascent Venture Partners, a venture capital firm that is focused on technology companies in the Northeast and Mid-Atlantic regions of the United States.
Similar to Ascent's prior investments with Mark Galvin, co-founder of Whaleback Systems, the firm will provide strategic guidance and equity funding as Whaleback Systems prepares for the highly anticipated commercial release of its innovative Voice over Internet Protocol-based (VoIP) business systems. As part of the investment terms, C. Walter Dick, managing partner for Ascent Venture Partners, will take a seat on Whaleback's board of directors.
In addition to Mr. Dick's experience and insight, Whaleback Systems has leveraged the startup expertise of its founders, Wray West and Mark Galvin, to build the foundation of a cutting edge business phone system. West also founded Indus River Networks, a leading developer of managed remote networking solutions, and Galvin launched Cedar Point Communications, RAScom and Primary Rate Incorporated. Indus River, RAScom, Primary Rate and Cedar Point are all prior or current investments of various Ascent Venture Partners' funds.
"Ascent Venture Partners provided the initial institutional investment and strategic advice in all three of my prior entrepreneurial endeavors. Happily, I can say that all were successful companies, in part thanks to Ascent's direct involvement and backing," said Galvin. "We are very pleased to have the partners at Ascent involved in our current endeavor and look forward to working with them to deliver a highly innovative, easy to manage and cost efficient IP phone system to the small to medium business customer."
"Mark and Wray have again identified a critical customer need that they are extremely well suited to address. They have already made significant progress towards launching an attractive solution, and we are certain the company is on its way to great success. We are also very pleased that the Whaleback team has again chosen to work with Ascent on this new opportunity," stated C. Walter Dick.
About Whaleback Systems™
Whaleback Systems pioneered a cutting-edge business phone solution for small and midsized businesses that leverages the advantages of broadband. Unlike complex and costly conventional PBX systems, Whaleback's solution significantly reduces monthly telephone access and long distance expenses, seamlessly integrates with IT networks to simplify system management, and improves employee productivity by automating processes and streamlining communications among office, mobile, and remote employees. Whaleback Systems have linear expandability and a multitude of advanced features. For more information, visit www.WhalebackSystems.com.
About Ascent Venture Partners
Since 1985, Ascent Venture Partners has been dedicated to partnering with seasoned management teams to build successful technology companies. Investments are sized from $2 to $8 million and focused on the New England and Mid-Atlantic regions. Ascent is an active investor, offering sound strategic advice, leveraging its broad network and working patiently with portfolio companies to overcome challenges. Ascent takes pride in the number of entrepreneurs who return to work with the Ascent team on multiple investment opportunities. Ascent has raised four venture funds totaling $400 million and has invested in over 80 companies. For more information, visit www.ascentvp.com.
