May 5, 2008

iamba Networks secures $7 million in funding

iamba Networks, a provider of Gigabit Passive Optical Networking (GPON) solutions today announced the company has closed a $7 million round of financing. Investing firms in this round include iamba's investors from previous rounds, Pitango Venture Capital, Cedar Fund, Giza Venture Fund and Kreos Capital.

"The GPON market is on the cusp of exponential growth," said Nimrod Schwartz, partner with Cedar. "iamba has extensive PON experience and a strong management team. You combine that with the complete solution that the company has developed and the company is poised to extend its leadership role."

"iamba has been securing a market share lead in the Asian market and is penetrating other regions with its complete end-to-end GPON solution. We believe that iamba will play a leading role as one of the main providers of GPON solutions to the global GPON market," said Bruce E. Crocker, partner with Pitango Venture Capital.

iamba Networks will use the funding to enhance its product portfolio, increase the Sales and Customer Support teams, and expand its reach to new regions. As the GPON market is expected to exceed an annual deployment rate of 15M ports by 2010, iamba continues to provide the most comprehensive, end-to-end GPON solution which includes next generation ONT and OLT SoCs, based on the powerful iTPM and a multi-core architecture, a comprehensive set of software packages including OMCI and DBA, highly versatile user development units and production-ready reference designs. The iSN1000 ONU ASIC has been in production since January 2008 and the powerful iSL2404 OLT ASIC will be released this summer.

"Over the last six months iamba has demonstrated significant traction in the global GPON market as demonstrated by its recent successes in Korea, where a large volume of GPON CPEs will be produced and deployed. We believe the company's product line is well positioned to continue securing strategic design wins worldwide," said Ori Israeli, Managing Director of Giza Venture Capital.

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