Cambridge Broadband Secures $7 Million From Silicon Valley Bank
Cambridge Broadband Networks Limited, a manufacturer of point-to-multipoint packet microwave backhaul solutions for mobile broadband network operators, announced that it has secured a $7 million line of credit from Silicon Valley Bank, the commercial banking division of SVB Financial Group and financial partner to technology and life science companies worldwide.
Cambridge Broadband Networks has raised over $90 million from an investor syndicate including Amadeus Capital, Accel Partners, TVM and Samsung Ventures Europe. The financing from Silicon Valley Bank will be used to support the company’s continued growth and working capital needs.
Commenting on the deal, Graham Peel, CEO of Cambridge Broadband Networks, said: “Silicon Valley Bank has a superb track record in helping companies to expand into new markets. The additional financing provides Cambridge Broadband Networks with the increased flexibility needed to manage our working capital requirements and represents another stepping stone towards achieving our goal of improving network capacity across the globe.”
Phil Cox, head of UK, Europe and Israel for Silicon Valley Bank, added: “Silicon Valley Bank is an experienced player in financing technology companies throughout every stage of their growth. We are proud to support Cambridge Broadband Networks and the innovation industry worldwide.”
Silicon Valley Bank is currently seeking regulatory approval to open a full banking branch in the UK in anticipation of providing local loans, deposits, cash management and working capital/trade finance support to clients. SVB Financial Group has had an office in London since 2004, and Silicon Valley Bank has been providing loans to UK-based technology and life science companies of all stages of their development.
Cambridge Broadband Networks provides telecommunications operators with carrier-class wireless point-to-multipoint transmission equipment.