Wirelss Broadband Internet Provider, Digitalpath Networks, announced is has closed on a $5.7 million financing round. Investors in this financing round were Draper Fisher Jurvetson, DFJ Frontier, EarthLink, Inc. (Nasdaq: ELNK), private investors and management. Digitalpath also received a United States patent for its Internet access architecture. On December 14th, 2004, Digitalpath Networks was awarded a patent for its Wireless Internet Access System", US patent number 6,831,921. The patent covers all aspects of Digitalpaths wireless network technology including the network architecture from the customer equipment to access concentrators, network filtering protocols, and use of non-radio tower structures for delivery of last mile internet access.
Chico, CA (PRWEB) February 2, 2005 -- Digitalpath Networks, a provider of affordable high-speed internet access, today announced is has closed on a $5.7 million financing round which includes a commitment for $3 million in new funding and a conversion of previously issued notes. The funds will be used to further develop Digitalpaths wireless broadband technology and support additional growth. Investors in this financing round were Draper Fisher Jurvetson, DFJ Frontier, EarthLink, Inc. (Nasdaq: ELNK), private investors and management. Digitalpath also received a United States patent for its Internet access architecture. On December 14th, 2004, Digitalpath Networks was awarded a patent for its Wireless Internet Access System", US patent number 6,831,921. The patent covers all aspects of Digitalpaths wireless network technology including the network architecture from the customer equipment to access concentrators, network filtering protocols, and use of non-radio tower structures for delivery of last mile internet access. Currently, Digitalpath offers high-speed wireless broadband service in more than 30 regional markets throughout Northern California and Nevada.
This investment gives us the capital to continue improving its proprietary technology and provides the foundation for growth through 2005. As we achieve these aims throughout the year, we expect to return to growth." said President and CEO J. Peter Bardwick. Obtaining the patent on our core architecture helps cement our lead position in the industry." Mr. Bardwick was named President & CEO of Digitalpath in November 2004. He was formerly the companys CFO and had previously been COO of infoUSA.com and CFO of CBS MarketWatch.
DFJ is pleased to continue its support of Digitalpath," said Tim Draper, founder and managing director of Draper Fisher Jurvetson. The company continues to be a leader in rapidly growing broadband wireless and we are extremely pleased by their strong progress though 2004." Mr. Draper serves on Digitalpaths board of directors.
About Digitalpath
Founded in 2002, Digitalpath now provides affordable high-speed internet service to more than 30 regional markets throughout Northern California and Nevada including the metropolitan areas of Chico, Redding, Reno, Sacramento and Stockton. Using patented technology, Digitalpaths uniquely designed infrastructure has enabled it to deliver broadband access at a fraction of the cost of competing technologies, such as DSL, cable, satellite and tower-based wireless ISPs. Headquartered in Chico, California, Digitalpath is privately held and funded by Draper Fisher Jurvetson, DFJ Frontier, EarthLink, local investors and management. For more information, contact Digitalpath Networks at www.digitalpath.net or 1-800-676-PATH.
About EarthLink
EarthLink. We revolve around youTM." As the nations next generation Internet service provider, Atlanta-based EarthLink has earned an award-winning reputation for outstanding customer service and its suite of online products and services. According to the J.D. Power and Associates 2004 Internet Service Provider Residential Customer Satisfaction StudySM, EarthLink is ranked highest in customer satisfaction among high-speed and dial up Internet Service Providers. Serving over five million subscribers, EarthLink offers what every user should expect from their Internet experience: high-quality connectivity, minimal online intrusions, and customizable features. Whether it's dial-up, high-speed, Web hosting, wireless voice and data services, or EarthLink Extras" like home networking, security or voice over IP, EarthLink provides the tools that best let individuals use and enjoy the Internet on their own terms. Learn more about EarthLink by calling (800) Earthlink or visiting EarthLink's Web site at www.earthlink.net.
About Draper Fisher Jurvetson
Draper Fisher Jurvetson is the leader in seed and early stage venture capital, typically serving as a startups first outside source of financing. Founded in 1985, Draper Fisher Jurvetson has created a global network of affiliated venture funds with approximately $3 billion in capital commitments and offices in the major technology centers around the world. Headquartered in Silicon Valley, the firm has proven expertise in identifying and helping extraordinary entrepreneurs who want to change the world. For more information, please visit www.dfj.com.
About DFJ Frontier
DFJ Frontier is a seed and early stage venture capital fund affiliated with Draper Fisher Jurvetson, the visionary investment firm headquartered in Silicon Valley. With offices in Sacramento and Santa Barbara, DFJ Frontier invests in a broad range of technology companies throughout California, with a focus on the Central Valley and Central Coast. To learn more about DFJ Frontier, please visit www.dfjfrontier.com.
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For further information, contact:
Dan Mackey, Digitalpath Networks
(530) 571-7517 dmackey@digitalpath.net
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