Santa Clara, CA. February 14, 2005 - Minerva® Networks, a leading provider of IP Television infrastructure, announced today that it has secured a new round of financing led by a strategic corporate partner. Cypress Ventures, US Venture Partners, EuroQube and Empire Capital also participated in the round.
The funding follows a productive year during which Minerva enabled over 20 new IP Television deployments and trials around the world. The Company, which currently has the largest number of IP Television installations worldwide, will use the funds to expand its development, sales and support organizations as it moves toward profitability.
"The demand for our IP Television delivery platforms is accelerating both domestically and internationally," said Mauro Bonomi, Minerva's President and CEO. "This round of funding will enable Minerva to take full advantage of the triple-play market momentum."
About Minerva Networks, Inc.
Minerva Networks, Inc. is a leading provider of carrier-class infrastructure for the delivery of television and video services over broadband IP networks. The company's television services management software and video processing platforms are integrated into complete IP Television delivery platforms. Broadband network operators worldwide use Minerva's products and services to deliver next-generation entertainment, communication and e-commerce applications. Minerva Networks is headquartered in Santa Clara, CA and on the Internet at www.minervanetworks.com.