November 14, 2007
OpenPeak Closes $30 Million Series C Funding
OpenPeak Inc., a provider of end-to-end system solutions and devices for telephony, digital content, and Internet services, announced today that it has closed $30 million in Series C funding. Investors include RRE Ventures, J. Tomilson Hill, and Mort Topfer, all participants in OpenPeak's prior funding rounds. The new funds will be used to support the manufacture and market launch of OpenPeak's new OpenFrame line of devices.
The revolutionary OpenFrame solution re-invents the home phone with a touch screen interface and custom software that integrates telephony, Internet content and digital media on a single device. This innovative approach complements family PC, TV and mobile phones and is built on OpenPeak's core technology for channeling control of disparate content and services for easy access and management. OpenPeak provides end-to-end solutions from industrial design and user interfaces to custom software and finished products.
"OpenPeak's compelling OpenFrame solution is capable of transforming the home telephone into the 'third screen' in the home," said John Sculley, who participated in the OpenPeak Series C round. "We believe that the impact of OpenFrame can be as revolutionary to the home phone as the latest generations of smartphones were to the mobile phone industry."
"Our mission is to create systems and devices that simplify the organization and control of communication, information and digital content in the home," said Dan Gittleman, CEO of OpenPeak. "OpenFrame creates a new category of products that consolidates and simplifies telephony, text, and digital content access on home-based devices."
OpenPeak investors include John Sculley, former CEO of Apple and Pepsi-Cola; Mort Topfer, former Dell Vice Chairman, Executive VP Motorola, and co-founder of Castletop Capital; J. Tomilson Hill III, Vice Chairman of The Blackstone Group; RRE Ventures; Millennium Technology Ventures; and GMG Capital Partners.
OpenPeak Inc. creates, designs, and develops innovative communication systems and devices that enable simple user control of VoIP telephony, digital media, Internet content, messaging applications, and consumer electronics. OEMs benefit from OpenPeak's portable architecture, hardware reference designs, and turnkey solutions because they allow quick and cost-effective integration of advanced communication and control technology and applications into their platforms with a high degree of customization. The company headquarters is in Boca Raton, Florida, and on the web at www.openpeak.com.
About RRE Ventures
Since its founding in 1994, RRE Ventures has been dedicated to helping talented management teams build leading companies in the software, communications, and financial services industries. With $850 million in assets, the firm backs entrepreneurs and management teams that possess the knowledge, vision, and discipline to create market-dominating companies. RRE's team offers a unique combination of management, operations, and investment expertises, as well as an unrivaled network of relationships, that has helped build over 90 companies. For more information, visit www.rre.com.