Hosted VoIP provider Telesphere lands additional $7M in venture funding
Telesphere, Phoenix-based hosted and managed VoIP service provider has secured another $7 million in venture funding. Rally Capital, Hawkeye Investments LLC and Greenspun Corporation, who have been huge backers of the venture in the past continued to infuse cash into the hosted VoIP solution. The funders provided the company with $15 million back in May 2009 and now are adding an additional sum to that amount. Despite the weak economy, Telesphere has been able to pull together $32 million in funding over the last two years.
Telesphere Chief Executive Officer Clark Peterson said that the capital would be used to reinvest in the company expanding capabilities and customer service. In July, the company announced that it planned to acquire Denver-based VoIP services firm, Unity Business Networks. Recently, the company was given approval from the FCC to complete the acquisition. "In acquiring Unity, Telesphere nearly doubles in size, significantly expands its market presence, and adds the best back-office system in the hosted PBX industry," Peterson stated in the release.
In a previous interview with FierceVoIP, Peterson explained how the tough economy has been somewhat of a boon for hosted VoIP solutions: "The economic situation has forced bigger enterprises to look closely at how they get their telecommunications services, and they used to have to incur hundreds of thousands of dollars in costs when expanding locations. These organizations are now seeing the cost benefits of our hosted VoIP solution. People also have had to do layoffs, and they are now looking for productivity tools they can use to do more with less."