Digital subscriber line Internet provider Flashcom announced it has
secured more than $16.3 million from venture capital firms.
The national Digital Subscriber Line provider plans to use the funds to
expand operations in up to 50 U.S. cities before the year’s end.
Flashcom is one of the nation’s largest DSL suppliers currently providing
service to over 15,000 businesses in 14 states and Washington D.C.
Flashcom provides its nationwide DSL services through a proprietary digital
network that facilitates private, secure connections between remote sites
without using the Internet.
Brad Sachs, Flashcom president and chief executive officer, said investments
from venture capitol companies including Communications Ventures, Mayfield
Fund and Intel Corp. would hasten deployment of additional DSL services to new
markets.
“It is an honor to work with and be supported by the leading
investment firms in the telecommunications industry. With the help of these
industry visionaries, Flashcom is now well positioned to remain the leader
in providing high speed DSL service nationwide.”
Investors believe that Flashcom’s ability to offer DSL services for under
$50 a month is a unique business opportunity, worthy of their financial
support.
“Flashcom is a wonderful opportunity for us here at Mayfield,” said Kevin
Fong, Mayfield Fund partner. “Their unique position of first to market is
huge and cannot be overstated. I personally look forward to helping them
achieve their ambitious goals.”
Flashcom currently provides high-speed, direct connect xDSL technology in
19 U.S. major metropolitan markets. The company plans to add 31more markets by the end of this year.