Morristown, NJ -- Celerica™ Raises over $18 Million for Wireless Investment-Protection Solution that Maximizes Capacity of Cellular Networks -Pitango Venture Capital Leads Round, with Investments from Charles River Ventures, Ridgewood Capital, Platinum Venture Capital and STAR Ventures
MORRISTOWN, N.J. (February 19, 2002) - - Celerica, Inc., a wireless infrastructure start up, today announced the details of its second round of funding. Leading the round of over $18 million was Pitango Venture Capital of Tel Aviv, Israel. Other investors include Charles River Ventures, Ridgewood Capital, Platinum Venture Capital and STAR Ventures, as well as the private investors that participated in the initial funding of the Company. The total funding raised to date is over $20 million. Celerica’s products maximize the capacity of existing wireless infrastructure in urban areas, enabling mobile operators to add cellular sites less expensively and in hours as opposed to the previous norm of much lengthier time frames and at higher costs.
The company was founded in June 2000 and will unveil its solutions for the first time at their Rosen Centre Hotel hospitality suite during the CTIA trade show, March 18-20 in Orlando, Fla. Isaac Hillel, Managing Director of Pitango Venture Capital said, “Celerica is providing an innovative way to design cellular networks more economically and more efficiently. We believe that Celerica delivers the type of solutions that operators want today and in years to come.” “Carriers are struggling to quickly deliver additional capacity and services for their ever-increasing customer bases,” said Bruce Sachs, general partner for Charles River Ventures. “Celerica's business proposition is extremely compelling in its ability to address these carrier needs with pragmatic solutions today.” Anya Eldan, Manager Partner of Platinum Venture Capital said, “Greenfield 3G operators will find Celerica's technology compelling in building optimized network grids.” “Celerica's distributed cell site architecture allows both incumbent and new cellular providers to lower their cost of cellular build out while leveraging existing infrastructure,” said Elton Sherwin, senior managing director, Ridgewood Capital. “Celerica understands the challenges faced by mobile carriers that need to quickly provide additional cellular capacity in urban areas,” said Miguel Cizin, CEO of Celerica. “Our solutions deliver speed and flexibility, are compatible with all cellular and PCS technologies, and leverage the carrier’s existing infrastructure ensuring investment protection now and in the future.”
In addition to Cizin, Celerica board members include Matt Desch, Chairman of Airspan Networks, Bruce Sachs, Charles River Ventures, Isaac Hillel, Pitango Venture Capital, and Pini Sabach, president and founder of Celerica.