April 16, 2002
Myrio Corporation Secures $15 Million in Financing and Continues Digital TV Customer Deployments
KIRKLAND, WA - Myrio Corporation, a leading provider of software technology that enables the delivery of Digital TV and advanced entertainment services over broadband networks, announced today that it has recently closed an $8 million financing in addition to the $6.8 million that was raised in late 2001. Leading the investment is NeoCarta Ventures, Ridgewood Capital and Alexander Hutton Venture Partners.Myrio’s customer momentum continues with its recent deployment at CT Communications in Ohio, one of the largest deployments by an independent operating communications company in the country. Internationally, the Myrio solution is currently running in demonstrators at British Telcom Group’s BTexact Broadband Home and Office Demonstration and in several FS-VDSL demonstrators.
“Myrio’s momentum continues to grow at an accelerated pace both in the U.S. and abroad. By third quarter this year we plan to announce other significant deployments with additional statewide carriers and network operators, and we are actively pursuing international opportunities,” said Charlie Jablonski, president and CEO of Myrio Corporation.
The proceeds from the funds will be used to continue to pursue customer deployments within RBOCs (Regional Bell Operating Companies), International telephone operators and IOCs (Independent Operating Companies).
“NeoCarta has long supported Myrio’s business strategy and is very pleased with the progress achieved in customer deployments,” stated Peg Jackson, managing director of NeoCarta Ventures.
“Myrio has the most viable technology solution on the market and has been well received by the marketplace. This latest financing will allow Myrio to further propel its business initiatives,” according to Bob Gold, chief executive officer of Ridgewood Capital.
About Myrio
Myrio is the leading provider of software and integration services that enable new video revenue opportunities for broadband service providers by leveraging their existing infrastructures. With Myrio's solutions, operators can offer next generation, TV-based services and media to their customers. In turn, operators can protect their valuable residential assets from competitors, such as cable and satellite companies. A pioneer in the industry, Myrio has commercially deployed its solutions to operators throughout the United States, and is conducting customer trials internationally as well.Myrio is a privately held corporation funded by Ridgewood Capital, NeoCarta Ventures, and Alexander Hutton Venture Partners. For more information, please visit Myrio's web site at www.myrio.com.
Contact Information:
press@myrio.com(425) 897-7200