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Cortec Systems secures US$4.7M Venture Capital Funds

Thursday, 12 February 2004
Cortec Systems secures US$4.7M Venture Capital Funds

Cortec Systems secures US$4.7M Venture Capital Funds 13.02.04

Cortec Systems Pty Ltd, an Australian telecommunications software company, today announced that it has finalised a US$4.7M Series A investment by three leading Australian venture capital firms, Foundation Capital, Technology Venture Partners and Starfish Ventures. The company is in the process of establishing management in the US, developing international marketing and distribution, and accelerating product development.

As demand for Voice over IP (‘VoIP’) for telephony and video-conferencing grows, network congestion and lack of guaranteed Quality of Service have become key factors in restricting its adoption. Cortec Systems’ first product fully automates provision of guaranteed call quality for each individual phone call or video-conference. The innovative technology solves two of the major barriers to VoIP adoption by mass market enterprises - unreliable call quality, and the complex array of specialised skills and tools that are required to provide a reliable VoIP network.

Says John Siliquini, Chief Technical Officer of Cortec Systems, “users of VoIP demand comparable call quality to their traditional phone systems. Maintaining a network to support ‘real-time’ network traffic such as voice is a whole new ball game for the average network administrator. While there are some tools and broad traffic shaping systems available, the quality of each call needs to be guaranteed before it proceeds. Cortec Systems can provide this guarantee.”

Mark Richards, Partner of Technology Venture Partners says, “Cortec is an excellent example of an experienced university based research group, properly funded as part of a CRC structure, creating world leading innovative technologies. We are delighted to be working in partnership with technology commercialisation company QPSX and the Australian Telecommunications CRC (ATcrc), and alongside other top tier Australian venture capitalists.”

The research team, led by founding member Professor Tony Cantoni and based at the Western Australian Telecommunications Research Institute, has drawn on over 100 years of combined experience to develop Cortec Systems.

Says Dr Leith Campbell, CEO of ATcrc, “Cortec’s success in raising venture capital will now allow the company to expand more aggressively overseas”.

More information on Cortec Systems is available from:

Steve Telburn
Tel: +61 418 922 567
Fax: +618 9381 9562
Email: steve.telburn@cortecsystems.com

About Cortec Systems Cortec Systems Pty Ltd is an early stage telecommunications software solution provider that designs, develops and markets quality of service solutions for real time internet applications such as Voice over IP (‘VoIP‘). These solutions enable enterprises to enjoy the benefits of applications such as VoIP, without the associated problems and costs of poor voice quality and excessively complex network administration.
http://www.cortecsystems.com

About QPSX
QPSX’s focus is the profitable commercialisation of a range of physical and life science technologies on a global basis. QPSX identifies valuable intellectual property (‘IP’) from research institutions and companies across Asia Pacific, and realises value through the execution of international IP licensing programs and the formation of spin-out companies.
http://www.qpsx.com

About the Australian Telecommunications Cooperative Research Centre (‘ATcrc’) The ATcrc was established to provide a cooperative environment for developing and commercialising the technologies that will drive a new generation of telecommunications. Through its ability to assemble valuable resources and diverse skills, ATcrc offers a unique set of research and development capabilities in networking and mobile telecommunications. With significant investment in its education and training programs, ATcrc will transfer expertise in technologies such as digital radio, packet networking, digital signal processing and electronic design into Australian industry.
http://www.telecommunications.crc.org.au/

About the Western Australian Telecommunications Research Institute (‘WATRI’) WATRI is a joint venture between Curtin University of Technology and the University of Western Australia that brings together, in one location, researchers with a verifiable track record of attracting significant government and industry R&D funding, world class research, and commercialisation of research though the establishment of startup companies. WATRI focuses on five key research areas: wireless systems, signal processing, networking, lightwave and electronic systems, and electromagnetic compatibility.
http://www.watri.org.au