Cayuga Venture Fund Invests $2 Million in InSciTek Microsystems
For Immediate Release
Contact:
InSciTek/Allworx
Sandra M. Gault
(585) 421-3850 x124
Total investment in InSciTek exceeds $18 million
FAIRPORT, N.Y., June 12, 2006 - InSciTek Microsystems today announced that it has received a $2 million investment from Cayuga Venture Fund, bringing the total investment in the company in excess of $18 million.
InSciTek will use this additional investment to expand and enhance its proven Allworx Voice over Internet Protocol (VoIP) product line for the SMB market and to expand its sales and marketing reach (www.allworx.com).
“InSciTek, with its Allworx product line, is enabling access for small businesses to all of the features and benefits of VoIP,” said Jennifer R. Tegan, partner, Cayuga Venture Fund. “Because of Allworx, small companies can now afford sophisticated communications features in a simple package that has been specially designed with their needs in mind, to allow them greater flexibility and workplace efficiencies. Cayuga Venture Fund is proud to support the ongoing success of InSciTek so that more small businesses can access its communications products and services.”
“We are pleased that Cayuga Venture Fund has made this investment, which not only demonstrates tremendous confidence in where our company is today, but also in our strategy for continued growth,” said George Daddis Jr., InSciTek President and CEO. “This investment will enable us to develop and market a new generation of Allworx products – building on our current portfolio, which already offers the broadest feature set and the lowest installed cost of any VoIP solutions for small businesses.”
Daddis noted that this capital follows investments from a host of other prominent firms throughout New York state, including Advantage Capital Partners, Enhanced Capital Partners LLC, High Peaks Venture Partners, Performance Technologies Inc and Cephas Capital Partners LP.
About InSciTek/Allworx
Allworx, the product division of InSciTek Microsystems Inc., believes small-to-medium-sized businesses today should have access to the same advanced information and communications technologies as big enterprises. The Allworx 10x and Allworx 6x systems and Allworx 9112 and 9102 phones are ideal replacement solutions for the millions of aging traditional (TDM) PBX and key phone systems currently employed by virtually all small businesses and organizations. For more information, visit the company's Web site at: www.allworx.com, or call 1-866-ALLWORX (255-9679).
InSciTek Microsystems Inc. is a multi-million dollar consulting company located in Fairport, N.Y. Its experienced engineers - specializing in imaging, systems monitoring and communications applications - apply their hardware and software expertise to help a range of businesses develop high-performance, cost-effective digital products. For more information, visit the company's Web site at: www.InSciTek.com, or call (585) 421-3850.
About Cayuga Venture Fund
Based in Ithaca, N.Y., Cayuga Venture Fund (www.cvf.biz) is one of the longest running early stage venture capital funds in upstate New York. Over the course of its 11-year history, CVF and its members have invested more than $48 million in early stage and emerging growth companies primarily in upstate New York, a region that is rich in intellectual resources but one that has been traditionally underserved by the capital markets. To date, CVF has made 12 investments, several of which have achieved liquidity including, Pathlight (acquired by ADIC), Kionix (acquired by Calient Networks), and theGlobe.com. CVF’s proximity to and relationships within Cornell University as well as with other research centers in upstate New York have provided the fund with a decade's worth of exceptional and lucrative investment opportunities.
