Company continues rapid growth, firmly in place as pre-eminent provider to the Multi-Family Broadband Market
Seattle, Washington. (May 31, 2005) — Ygnition Networks, a leading provider of broadband services to the multi-family real estate industry, announced that it has closed a $13 million Series D funding, led by Advanced Equities of Chicago. Advanced Equities joins existing firms ComVentures of Palo Alto, CA, and Chrysalis Ventures of Louisville, KY as lead investors in the nearly four year old broadband company.
Seattle based Ygnition provides Video, High Speed Internet, and Digital Voice solutions to over 150,000 apartment units in TX, CO, AZ, UT, CA, OR, IL, FL and WA. These apartment communities are owned and operated by some of the largest and most high profile property management companies, REITs and private owners in the country. The company also provides business customers with low-cost point-to-point T-1 data circuits and T-1 Internet circuits nationwide.
Recent acquisition activity has positioned Ygnition as one of the largest providers specializing in delivering communication services to the MDU industry, and the major growth company in this sector. Over the course of the past four years, Ygnition has purchased the network assets of numerous distressed service providers and integrated those assets into one network that is capable of delivering a full suite of communication services to consumers living in communities throughout its operating footprint.
“We continue to see ample growth opportunities and this latest round of financing will quickly be invested in additional revenue generating assets” stated Glenn Meyer, CEO of Ygnition, “We have several acquisitions under Letter of Intent and we are also experiencing solid growth in our organic sales efforts”.
Keith Daubenspeck, Chairman of Advanced Equities, stated the “Due to Ygnition’s proven business model, experienced management team and future growth opportunities, we were pleased to lead this round of financing and recommend Ygnition to our valued clients.”
“We enthusiastically support Ygnition with our further investment. We believe there is a large, untapped market which Ygnition continues to dominate,” said Cliff Higgerson, Managing Partner of Comventures.
“Ygnition has shown steady progress and continues to solidify its position as a leader in this market, meeting the investment criteria that our clients demand,” stated Bob Saunders, Chrysalis Ventures managing director.
About Ygnition Networks
Ygnition is a leading provider of communication services to the real estate industry. The company is headquartered in Seattle, Washington and maintains regional offices in Walnut Creek, California, Dallas and Houston, Texas.
For more information, please visit www.ygnition.com or by telephone at 206-574-5460.
About Advanced Equities
Advanced Equities Financial Corporation, through its subsidiaries, is a full-service broker dealer and venture capital investment bank. We are a leader in late-stage private equity financing for the United States technology market, as well as one of the nation’s top twenty independent retail brokerage firms. We are an investment bank that, unlike traditional institutions, invests in companies to fill the void between private and angel investors, venture capital and an Initial Public Offering.
For more information, please visit www.advancedequities.com
ComVentures, based in Palo Alto, California, is a venture capital firm managing over $1.2 billion. ComVentures focuses its investment expertise on pioneering, progressive companies that capitalize on the constant drive to build next-generation network infrastructure, software, and services. ComVentures consistently uncovers groundbreaking communications technologies, helps lead and grow its portfolio companies, and assists these companies in deploying new technologies in an ever-changing marketplace. For more information, please visit www.comventures.com.
About Chrysalis Ventures
Founded in 1993, Chrysalis Ventures is a leading source of equity capital for young growth companies in the Southeast and Midwest. Chrysalis invests primarily in early-stage and expansion-stage companies in healthcare information technology and services, media and communications, and education and training. Based in Louisville, Kentucky, Chrysalis has more than $200 million under management and has made investments in over 45 companies.
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