ViewGate Networks, a provider of internet protocol (IP) software, has raised $20m in a financing round led by Advent Venture Partners. Co-investors include Cazenove Private Equity and existing investors Amadeus Capital and MTI Partners Ltd.
Martin McNair, director of Advent Venture Partners, and Richard Anton of Amadeus Capital will join the ViewGate board of directors. The company will use the cash to develop its products and global marketing.
ViewGate received its first round of venture capital funding in 1999 and with that capital developed its service measurement platform which allows service providers to deliver, manage and report on their on-demand IP services and applications. The company’s customer list includes Cable & Wireless, GlobalOne and AT & T.
Martin McNair said: “The service assurance market is a large and growing market which is set to continue expanding at an exponential pace, reaching almost $2 bn by 2004. As a provider of carrier-class network management software for nearly a decade, ViewGate is well placed to capitalise on new opportunities.”
ViewGate has its headquarters in Virginia, US and research and development facilities in Kent, UK.
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