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Home > PE News

Tower Cloud to expand with $20m venture funding Tower Cloud to expand with $20m venture funding

22 Oct 2009. Source: AltAssets
Tower Cloud, a Florida-based provider of backhaul services to wireless carriers, has raised $20m in new venture funding. Return backers El Dorado Ventures and Sutter Hill Ventures were joined by a new investor group, including Ballast Point Ventures, Kinetic Ventures, Knology, ITC Partners Fund, Noro-Moseley Partners, and The Burton Partnership.

The capital will be used to finance an expansion programme into Athens, Georgia. Tower Cloud is a manufacturer of high-capacity SONet and Ethernet networks to provide backhaul from cell sites to the carrier's mobile switching centres.

Tower said that demand for wireless broadband service on cellular networks is expanding rapidly, driven by growing popularity of cellular smartphones and other advanced mobile wireless devices. The expansion is expected to continue to grow, due to the need for wireless carriers to provide 4G wireless data and broadband internet services.

ITC chairman Cam Lanier said, “Wireless backhaul is one of the fastest growing areas in telecom. We are very excited to be in business with Tower Cloud and feel the company is strongly positioned to serve the exploding bandwidth needs of wireless carriers.”

Copyright © 2009 AltAssets

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