Jungo Software Technologies, a provider of residential gateway software, today announced that it secured $5.5 million in a third round of funding.
The round was led by Partech International, a venture capital firm with offices in San Francisco and Paris. Partech was joined by Jungo’s existing investors -- Infineon Ventures, the Intel Communications Fund and TeleSoft Partners.
Jungo co-founder, CEO and president Ofer Vilenski said, “Having closed this latest funding round, we will be able to expand our R&D team and increase our presence in our major markets. This will allow us to maximize the traction we have created with the industry’s leading silicon and equipment vendors and offer our customers a wider range of integrated software solutions for future gateways.”
Jungo has developed OpenRG software, which enables broadband access device manufacturers to add home networking applications and broadband services to modems, gateways, wireless access points, and integrated access devices (IAD).
Jungo says its OpenRG residential gateway software is currently integrated into access devices from modem vendors, such as Toshiba and US Robotics, and Jungo-powered designs have already been deployed in North America and the Asia-Pacific region.
Partech venture partner Ami Amir, who is also the founder and former CEO of RADVision (Nasdaq: RVSN), will join Jungo’s board of directors.
Commenting on the closing of the funding round, Amir said, “Jungo’s success lies in the fact that they recognized early on what the broadband industry is recognizing today: that sophisticated customer premise equipment software plays a crucial role in the generation of additional revenues from broadband subscribers.
“With modest funding and a highly skilled team, Jungo has become a company with an impressive customer list, growing revenues, and a range of products that are recognized as some of the best in the industry. This is definitely a company that we are excited to be a part of.”
Yatin Mundkur of TeleSoft added, “Jungo has consistently remained several steps ahead of the wider residential gateway market and now that this market is heating up, we are thrilled to find Jungo as the leading software vendor with the largest number of design wins. With this latest round of funding closed, we expect Jungo to continue to be a major player in the broadband industry.”
Jungo's last financing round was in mid-2001, when it raised $7 million at a company value of $35 million, after money.
Published by Globes [online] - www.globes.co.il - on 8 September, 2003