RICHARDSON, Texas — Mavenir Systems, a maker of equipment for wireless networks, has closed a second round of funding totaling $20.5 million. New investor Alloy Ventures led the round with participation from previous investors, Austin Ventures and North Bridge Venture Partners. Mavenir has raised a total of $34 million since October 2005.
Ammar Hanafi, partner in Alloy Ventures, will join Mavenir's board of directors. Hanafi previously led Cisco's new product efforts in the enterprise datacenter market and prior to that their acquisition efforts for major new businesses, including optical networking and integrated voice and data infrastructure and applications.
"Mavenir has the mix for success — a team of wireless start-up veterans leading the company, tier-one carrier customers who see the value of partnering with Mavenir to solve their challenges, and a market-ready solution that helps these customers create new streams of revenue," said Hanafi.
"We truly scrutinized the investment needed, and based on the momentum we've been able to achieve, our partners within the venture capital community responded quickly and valued Mavenir Systems highly," said Pardeep Kohli, president and chief executive officer of Mavenir Systems. "This will enable us to execute on our next phase of expansion into the global communications market."
Mavenir will use the capital to continue its product implementation and testing phases.