Mass High Tech: Aylus Networks nabs $16M in new equity funding
Mobile video communications company Aylus Networks Inc. has reached across the pond to find a lead for its latest funding round, valued at $16 million. London’s m8 Capital led the financing, with previous backers Matrix Partners and North Bridge Venture Partners returning to participate, according to the Westford company.
In conjunction with the financing, Joseph Kim, general partner of m8 Capital, will join the Aylus board of directors, which includes Ed Anderson of North Bridge Venture Partners and Paul Ferri of Matrix.
According to Mark Edwards, CEO of Aylus Networks, having m8 Capital as a backer will help the company with a global expansion of its sales force. The company’s technology is intended to enable video communications across any device over any network. Its MediaCast Portal and MediaShare products are targeted for both the consumer and the enterprise market.
Aylus was founded in 2005 by Shamim Naqvi, co-founder of Tewksbury’s Winphoria Networks Inc., which was sold in 2003 to Motorola Inc. for $172 million.
In July of 2010, Edwards was named CEO, replacing chairman and founder Naqvi, who stayed as chief technology officer and holds the chairman’s role. Prior to joining Aylus, Edwards was the CEO of Mformation Technologies Inc. of New Jersey, which provides mobile device management software.
Aylus last took funding in September of 2010, bringing in $4 million in a debt round of financing. With the $16 million in new funding, Aylus has now raised approximately $51 million since it was founded.