XConnect raises $10M in Series B
XConnect, an interconnection and registry company, announced it has raised $10 million in Series B funding. Venrock Associates, Accel Partners, Grazia Equity and Crescent Point Group participated in the funding round.
According to the company, XConnect operates the largest worldwide ENUM-based IP peering federation, called the Global Alliance, which it says enables more efficient, affordable ways for network operators to deliver next-generation services such as HD Voice and video services.
XConnect CEO Eli Katz said he thought completing the Series B round in the current economic climate is a strong validation of the company's focus on the network migration to IP.
"We will utilize this new investment to expand our global reach in marketing and sales in different locations," Katz said. "And the second side is to expand our product portfolio."
Katz said the company began seeking the funding in Q2, and that he sometimes travelled 40,000 miles in a week to meet with venture capital firms around the world. He said since the company's services and customer base are global, XConnect wanted to seek funding from a geographically dispersed group of backers to reflect the scope of its business.