Israeli start-up TMT Coaxial Networks, a developer of broadband access solutions over coaxial networks, has raised $1.3 million at a $10 million company value, after money. Most of the money was raised from Metalink (Nasdaq: MTLK) co-founder Uzi Rosenberg, who currently heads USR, a developer and manufacturer of cards and electronic systems.
TMT CEO David Cohen said the company was considering expanding the round, and that most of the money would be used to expand marketing and technical support services, and hire more employees. He said TMT had recently signed an agreement with Sweden’s CAB, a distributor of cable and satellite solutions in Scandinavia and the UK. TMT expects the deal to generate $2.5 million a year in revenue.
TMT has developed a broadband access residential gateway for homes, buildings and campuses, using existing coaxial networks. TMT recently received its first $5 million order from US-based Blonder Tongue Technologies (AMEX:BDR), a manufacturer of cable television products and systems. TMT’s product is also undergoing beta trials at Israeli cable company Golden Channels.
Founded in early 2001, TMT is based at Har Hotzvim, Jerusalem, and has 25 employees. Globsecom and the Fishman Group participated in TMT’s financing round in March 2001. The Office of the Chief Scientist also provided a grant.
Eliezer Fishman is the controlling shareholder in ''Globes''.
Published by Globes [online] - www.globes.co.il - on February 13, 2003