ATLANTA – Vyyo, a provider of broadband access equipment for cable system operators, is bringing in additional financing and new management.
Goldman Sachs has agreed to provide $35 million in new funding for Vyyo. The company also named a new chief executive officer and vice chairman.
The funding will be used to “accelerate deployment” of its multi-channel cable equipment and also to pay off notes issued by Goldman Sachs last year.
Wayne Davis, who most recently served as chief technology officer at Charter Communications, takes over as chief executive officer. He replaces Davidi Gilo, who founded Vyyo in 1996. He will remain chairman of the company.
Jim Chiddix, a former chief technology officer at Time Warner Cable, takes over as vice chairman. His most recent position was chairman and CEO of OpenTV.
"The commitments that Jim Chiddix and Wayne Davis are making to Vyyo underscore the value of our technology to the cable industry," Gilo said in a statement. "As two of the most respected innovators in cable, their expertise and knowledge will help Vyyo work more closely with operators to leverage the competitive advantages of existing plant infrastructure against fiber."
Vyyo’s equipment is designed to deliver additional bandwidth for cable operators without the need for investment in fiber optics.
