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Releases
Ygnition Networks Raises $13M in
Preferred "D" Round Financing
Company continues rapid growth, firmly in place as pre-eminent provider to the
Multi-Family Broadband Market
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 through out 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, Inc.
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
About ComVentures
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 technology-enabled
business services, media and entertainment, and healthcare information
technology and services. Based in Louisville, Kentucky, Chrysalis has more
than $200 million under management and has made investments in 40+ companies.
For more information, please visit
www.chrysalisventures.com.
Ygnition Networks Contact:
Glenn Meyer
Ygnition Networks, Inc.
(206) 574-5480
gmeyer@ygnition.com
Advanced Equities Contact:
Keith Daubenspeck
(312) 377-5300
info@advancedequities.com
ComVentures Contact:
Kathleen Jensby
(650) 325-9600
kjensby@comventures.com
Chrysalis Ventures Contact:
Bob Saunders
(502) 583-7644
bsaunders@chrysalisventures.com
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