N2 Broadband has completed a $10 million Series C round of expansion financing that will allow the company to expand services internationally.
The round was led by Tudor Ventures, the venture capital and private equity arm of Tudor Investment Corp., with lead existing investor Highland Capital Partners also participating.
Highland and AOL Time Warner Ventures invested $10 million in N2 Broadband in March of 2002. The Atlanta-based company, which achieved cash-flow break-even status this year, has now raised a total of $27 million.
The latest round of funding will be used to bolster N2 Broadband’s sales and marketing efforts domestically, and allow the company to look toward international markets in cable and other broadband industries, it says.
“Our new financing will help us continue to exceed customer expectations and expand our product offerings as we move to support the delivery and management of future advanced broadband services,” said Reggie Bradford, president and CEO at N2. “We made significant progress in all operational areas over the past year while maintaining a strong cash position. We have increased our revenue each year since the company’s inception, and product revenue has more than doubled since last year as a result of well-timed products and a more balanced mix of revenue between software and services.”
In addition, N2 Broadband says it will use the funding to expand its OpenStream digital services platform to prepare for the next generation of capabilities that will drive growth for cable, including new on-demand and ITV services; instant provisioning of digital services; and expanded tools for the creation of on-demand content.
“N2 Broadband’s ability to significantly grow its business, while reaching the important milestones of profitability, gives us great confidence in the market and — management team,” said Tudor Partner Rick Ganong, who has joined the company’s board of directors. “The N2 Broadband team has secured excellent customer traction, is rapidly solidifying its position at the forefront of this market segment, and is poised for significant growth. In addition, Tudor is impressed with N2 Broadband’s ability to retain a strong cash balance, which when combined with this new funding, will position the company for rapid expansion.”
N2 Broadband: www.n2bb.com