Meru Networks Secures $25 Million in New Funding
4 May 2006
Meru Networks, the global innovation leader in wireless infrastructure for the All-Wireless Enterprise, today announced that it has closed a fourth round of funding, securing $25 million in financing. This funding round brings the total investment in the company to approximately $68 million.
Lehman Brothers Venture Partners led the funding round, which also included Clearstone Venture Partners, NeoCarta Ventures, BlueStream Ventures, JumpStartUp Ventures and Evercore Ventures -- all of whom have invested in previous Meru funding rounds. Nissho Electronics Corporation, a distributor and integrator that has partnered with Meru on a number of pioneering wireless VoIP and Fixed-Mobile Convergence deployments, also participated in this round.
The financing will be used to further expand Meru's sales, support and R&D teams, and accelerate the marketing of its award-winning Meru Wireless LAN system and industry-first Meru Radio Switch family. The funding will further boost Meru's innovation leadership to deliver new wireless products and technologies to the market such as the Meru Wireless Backbone System (also announced today) a ground-breaking solution designed to enable the All- Wireless Enterprise. The company will continue expanding its global customer base, spanning such vertical markets as manufacturing, education, healthcare, retail, high-tech, hospitality, financial services and government.
"The addition of Lehman Brothers Venture Partners to this funding round, as well as the renewed commitment from our existing investment partners based on Meru's accelerating market traction, clearly validates our strategy and direction," said Ihab Abu-Hakima, president and CEO of Meru Networks. "The strategic support and contribution of our investors has enabled Meru Networks to establish itself as the category leader for converged voice and data applications over wireless networks."
"The wireless LAN market is experiencing significant growth -- particularly with voice over wireless," said Brian Paul, Managing Director, Lehman Brothers Venture Partners. "Of the players in this competitive space, Meru has emerged with a unique vision that they have been able to successfully translate into helping customers deploy pervasive wireless voice and data networks. Meru's solution has been rapidly accepted by the market and they have quickly expanded their customer base across key verticals and throughout the U.S., Asia Pacific and Europe. We are excited to participate in the company's ongoing success."
In addition to Lehman's participation in the funding round, Mr. Paul will join the Meru board of directors.
Over the past 12 months, Meru's business has grown at a rapid pace and the company has reached a number of critical milestones. Prominent among these were: Meru's successful win of a landmark enterprise wireless VoIP opportunity in Japan -- Osaka Gas -- the world's largest fixed-mobile convergence deployment; the introduction and subsequent production shipments of Meru's award-winning Radio Switch, a new category of wireless products purpose-built to serve the needs of high-density data and voice mobility applications and to enable pervasive wireless LAN deployments for the enterprise; the introduction of innovative new software modules that deliver unprecedented wired network reliability and security to wireless VoIP networks; the company's strategic partnerships with Avaya and Juniper Networks; and the introduction of Meru's VoIP Unplugged program, an industry-wide partnering program designed to facilitate the delivery of seamless, open systems, end-to-end wireless Voice over IP (VoIP) solutions for enterprises and service providers.
"We continue to be impressed by Meru's leadership and its value proposition for customers," said William Quigley, Managing Director, Clearstone Venture Partners. "Meru has demonstrated that it can execute on its vision and we are enthusiastic about the company's future."
About Meru Networks
Meru Networks is the global leader in wireless infrastructure solutions that enable the All-Wireless Enterprise. Its industry leading innovations deliver pervasive, wireless service fidelity for business-critical applications to major Fortune 500 enterprises, universities, healthcare organizations and local, state and federal government agencies. Meru's award-winning Air Traffic Control technology brings the benefits of the cellular world to the wireless LAN environment, and its WLAN System is the only solution on the market that delivers predictable bandwidth and over-the-air Quality of Service with the reliability, scalability, and security necessary to deliver converged voice and data services over a single WLAN infrastructure. Founded in 2002, Meru is based in Sunnyvale, California. For more information on Meru Networks and its products, visit http://www.merunetworks.com or call 408-215-5300.
About Lehman Brothers
Lehman Brothers (ticker symbol: LEH), an innovator in global finance, serves the financial needs of corporations, governments and municipalities, institutional clients and high-net-worth individuals worldwide. Founded in 1850, Lehman Brothers maintains leadership positions in equity and fixed income sales, trading and research, investment banking, private investment management, asset management and private equity. The Firm is headquartered in New York, with regional headquarters in 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 and management solutions into successful businesses. For further information about Lehman Brothers' services, products and recruitment opportunities, visit the Firm's Web site at http://www.lehman.com.
Editorial Contacts:
Sarah Kim, Meru Networks
617-549-3687
skim@merunetworks.com
Lori Hultin, LSH Communications for Meru Networks
818-879-4651
lhultin@sbcglobal.net
Source: prnewswire
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