GrandBanks Capital, an early stage venture capital firm focused on east-coast technology investments, today announced it has led the Series A financing of Vivox, founded by Jeff Pulver. The $6.0 million investment included participation by early stage investor, Canaan Partners, which co-led on the deal, and extends the technologies and services sector of GrandBanks Capital’s portfolio into the VoIP services market.
“The investment in Vivox is a great opportunity and is made more valuable by Ebay’s recent acquisition of Skype,” said Charley Lax, Founder and Managing General Partner at GrandBanks Capital. “Vivox’s opportunity reminds me of one of our past portfolio companies in Internet Telephony, Net2Phone (NASDAQ:NTOP), and it comes at an exciting time in the VoIP market space when companies such as Skype are making news headlines. Behind the global reputation and expertise of Jeff Pulver, our investment team looks forward to building the company into the next leader in the VoIP industry.”
Founded by Jeff Pulver, a co-founder of Vonage and pioneer in both the VoIP and Internet Telephony industries, Vivox provides scalable, pervasive communications solutions to organizations and individuals worldwide through a proven, carrier-class platform. The company has been serving as the platform over the past two years behind FreeWorld Dialup, a VoIP service with more than 500,000 subscribers. Vivox offers mass customizable, embedded IP communications services to targeted communities, brands, and service providers with services that include any combination of voice, video, instant messaging, presence, social networking, and PSTN termination.
“This commitment from our new investment partners represents the first step on the path towards shaping Vivox into a world leader of IP communication services,” said Jeff Pulver, Chairman and Founder of Vivox. “As a major player in the VoIP community, I look forward to the opportunity to demonstrate further the benefits of SIP communications.”
The company also announced that GrandBanks Capital General Partner, Ryan Moore, has been elected to the Vivox board of directors.
Established in 2000, GrandBanks Capital has invested in 11 portfolio companies in the areas of Internet infrastructure, software, security and storage applications, and media and wireless technologies and services. The GrandBanks Capital portfolio currently includes: Colubris Networks Inc., Coradiant Inc., CXO Systems, Inc., Ember Corporation, Enpocket Inc., GlassHouse Technologies, Inc., Incipient, Inc., OutStart, Inc., uLocate Communications, Inc., and Vivox.
About GrandBanks Capital
GrandBanks Capital invests in early stage technology companies located primarily in the eastern part of the United States. With headquarters outside of Boston, the firm was established in partnership with SOFTBANK Corp. and has proven investment expertise in Internet infrastructure, software, security and storage applications, media and wireless technologies and services, and financial services. The GrandBanks Capital portfolio currently includes: Colubris Networks Inc., Coradiant Inc., CXO Systems, Inc., Ember Corporation, Enpocket Inc., GlassHouse Technologies, Inc., Incipient, Inc., OutStart, Inc., uLocate Communications, Inc, and Vivox. For more information, please visit www.grandbankscapital.com.
About Vivox
Vivox is an embedded communications service provider. We enable our customers to weave IP communications features into their applications and services. These context specific services, like IP-powered voice for online gaming and dating, drive greater interaction among our customers’ users and increase loyalty and revenue opportunities. We offer a carrier-grade platform, deep customization tools and an unparalleled scope of services. Founded by industry veterans in 2003, Vivox customers deliver services to more than 500,000 users. For more information please visit www.vivox.com.
Press Contact:
Jaime Baldante
GrandBanks Capital
(617) 558-6741
jbaldante@grandbankscapital.com
