RANOVUS Inc announced that it was able to raise USD 11 million in its financing round. Azure Capital Partners, T-Venture, OMERS Ventures, BDC Venture Capital and MaRS Investment Accelerator Fund supported the year-old technology startup. RANOVUS said it would use the funds for its expansion plans to and enhance its products.
RANOVUS provides multi-terabit interconnect solutions for Data Center and communications networks. The aim of the company is to provide solutions that would allow clients to meet the demand for cost-effective but reliable network connectivity.
RANOVUS Chairman and President Hamid Arabzadeh said they are happy with the support given to them. "We are delighted to have such reputable global investors as Azure Capital Partners, T-Venture, BDC Venture Capital, and OMERS Ventures sharing our vision and investing in RANOVUS as we enter the market validation phase of our disruptive product portfolio," he added.
BDC Venture Capital Energy/Cleantech Fund Partner Larry Lam said this was a good time to invest in RANOVUS. "Their ability to raise this level of funding from a series of tier-1 investors is a testament to their value proposition," he added. Lam would be joining the board of directors at RANOVUS.
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