Thursday, May 22, 2008

ExteNet Systems Inc., a leading network infrastructure company, it has secured an additional $27.5 million

What Company Is Offering:
ExteNet Systems, Inc. develops innovative distributed antenna system (DAS) networks for wireless service providers. The company designs, builds and operates DAS networks to extend and expand wireless performance in outdoor locations where conventional macro cell tower development is challenging. The company's In-Building networks provide an economical solution to coverage problems in a wide range of indoor environments, including offices and residential/mixed use buildings. ExteNet Systems uses flexible DAS architectures that support all frequency bands and technologies.

How Much They Got From VCs:
ExteNet Systems Inc., a leading network infrastructure company, today announced it has secured an additional $27.5 million of equity and debt financing. The new capital will be used to build distributed antenna system (DAS) networks to meet the explosive demand for wireless voice, data and video services.

Palomar Ventures joined this equity round along with existing investors Centennial Ventures, Sevin Rosen Funds, Columbia Capital and CenterPoint Ventures. Dallas-based Comerica Bank is providing the revolving credit facility, which represents an additional financial milestone for the company.

What VCs Says About Company:

Commenting on why Palomar Ventures chose to invest in ExteNet Systems, partner Kevin Jacques said: "Although Palomar typically invests in earlier-stage companies, we saw this as an excellent opportunity to invest in a more mature business that we believe has tremendous growth potential. Because I had previously been on the board, we felt that we knew the company and market well. Management has done a fantastic job building networks and forming carrier relationships. We're excited about the additional market potential that new wireless services such as WiMAX and the newly released 700 MHz spectrum have created for ExteNet Systems."

The funds will be used to support the acceleration of the company's growth as it builds out a substantial number of new networks across the country. ExteNet Systems has signed contracts with nearly every major carrier and currently has networks operating or under construction in: California, Florida, Illinois, Massachusetts, Michigan, Nevada, New York, Ohio, Texas and Rhode Island.

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