Allworx Closes on Major Funding, May 10, 2002
Media contacts:
Sandra Gault
585.421.3850 x124
press@allworx.com
InSciTek Gets Round One Angel Funding
Company to deliver affordable, easy-to-use data/communications server to small businesses
May 10, 2002, ROCHESTER, NY—InSciTek Microsystems, Inc. announced it achieved its goal for Round 1 funding.
The company received over $500,000 from angel investors as of March 31 and now seeks to raise an additional $5 million by end of third quarter, 2002.
InSciTek is seeking funding to launch Allworx, a single server that integrates:
- a telephone system and network PC servers
- shared high-speed Internet access
- other capabilities
Ease of installation and maintenance.
Designed specifically for small businesses, Allworx:
- does not require technology expertise to install or maintain.
- provides easy-to-use high-end productivity tools like unified messaging, remote access, and group collaboration services
- significantly reduces the cost—and the time—small businesses are devoting today.
Allworx will cost about one-third of existing solutions. It will be in beta in summer, 2002, and available commercially in November.
Substantial market opportunity
"The market opportunity is substantial," said CEO George Daddis. "Small businesses are fueling America's economy, yet there is no dominant vendor filling this IT need. We estimate the overall market opportunity to be 2.4 million small businesses in 4 distinct market segments in 2001 growing at an average rate of 17% CAGR over 3 years. There is real opportunity for $100 million in revenue in the fourth year of operations."
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