Fort Lee, N.J.-based Everest Broadband Networks said it has completed its fourth round of financing with Pequot Capital Management and Exelon Capital Partners.
The amount of the most recent round of funding was not released by the company. But officials did say the firm has raised $88 million over its lifespan. An April 2001 press release from the company said the company's Series C round was worth $50 million. And a March 2000 release said Everest's Series B round was worth $17 million.
The Series D round is "a validation of Everest's strategy and leading position in a challenging market," company officials said in a statement. The funding will help Everest's plan to become cash-flow positive, the company also said.
Everest Broadband Networks is a metropolitan broadband-services provider that provides more than 1,000 commercial customers nationwide with high speed Internet access, local and long distance voice, web hosting, audio conferencing and other services and applications.
Last July, Everest said it would team with Telseon, a provider of metropolitan optical networks, to potentially connect thousands of Everest-served multi-tenant unit (MTU) office buildings to Telseon's network in four metropolitan markets -- New York, Los Angeles, Washington, D.C. and Dallas. The relationship will let Everest wholesale bandwidth to Telseon's service provider customers who want to deliver their services to enterprises in the MTU buildings.
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