Paragon Wireless, a VoWLAN solution company, announced that it has closed a $7 million Series B funding round co-led by Austin Ventures and CID Group. The funds will be used to further research and product development, and expand international sales and marketing activities.
Gang Wu, co-founder and CEO, Paragon Wireless, said, ˇ°We are pleased to have such strong investor backing for the next phase of our company's development. This Series B funding will enable us to meet strong customer demand for our existing products and for new platforms under development.ˇ±
Paragon designs and develops standards-compliant VoWLAN equipment including handsets and access points.
Clark Jernigan, principal, Austin Ventures, stated, ˇ°We believe that VoWLAN will have a profound impact on wireless voice services in the coming years, and that service providers of many different types are eager to embrace the technology. The Paragon Wireless team convinced us that they have the fundamental technology and know-how to solve the hard problems and make VoWLAN truly ready for primetime.ˇ±
Lisa Lo, a managing director at CID Group, commented, ˇ°CID has watched this outstanding management team execute for the last year, and we are very excited to have the chance to help them achieve their next level of success.ˇ±
Paragon Wireless currently has 40 employees based in Beijing, China, and has recently established their international headquarters in Dallas, Texas.
Paragon Wireless
