ANTCOR: The new investment of ATTICA VENTURES
10 May 2006
Yet another investment-in the telecommunications sector this time-was recently announced by Attica Ventures. More specifically, the company proceeded with an investment amounting to € 1 million in the company ANTCOR – Advanced Network Technologies. The company was set up in the autumn of 2004 in a basement flat somewhere in Patras by five young software engineers – until then employees of multinational subsidiaries – with a vision of creating a globally innovative product in the highly competitive market of broadband wireless networks. Following a careful analysis of telecom markets and competition, they focused their strategy and efforts on developing software for embedded broadband wireless networking systems. Ten months of development – and relocation to the Patras Science Park – were enough to build a competitive finished product by the name of IkarusOS.
IkarusOS is a specialized operating system (the operating system is the heart of any IT system) for broadband wireless networking devices which integrates a full set of wireless and networking functions. What makes Ikarus OS even more exciting and competitive is remote management of the entire system over which the OS is deployed. Market development is expected to soar in this field in the coming years, and the penetration of broadband wireless technology can be confirmed even in Greece by the fact that the Greek government has already started granting substantial subsidies to broadband communication actions with emphasis on regional Greece, in the direction of bridging the digital gap.
ANTCOR – despite being essentially a newly-established company – has managed within such a brief period of time to sign 22 contracts with companies exclusively from abroad (USA, Canada, Russia, India, Taiwan etc.), accounting for 95% of its turnover. The main volume of sales from these contracts will start rolling in June 2006, with launching of the commercial distribution of products made by the biggest multinational players in the sector with whom ANTCOR has signed contracts for embedding its software (operating system) into their products. Amongst the company’s clients are Ubiquti (the only company on the market with high-power WiFi radios), Globetel (in charge of the largest WiMAX installation in the world, to be deployed in Russia at a budget of$600M), ADI-Engineering (substantial experience in the design and development of embedded systems for broadband wireless networks) and ΑΙ Wireless (one of the largest wireless network integrators in the world).
“We believe that entering into commercial contracts with the industry giants offers us the necessary incentive to go even further. The new strategy we are shaping aims at the development of new, innovative software products capable of covering the needs of the biggest players within the industry”, stated Mr. Constantine Meimetis, Managing Director and co-funder of the company.
The development of such products is one of the main reasons for the participation of Attica Ventures (venture capital) in ANTCOR, reverberated in the words of the Managing Director of Attica Ventures Mr. Giannis Papadopoulos: “the company has displayed its ability of bringing results and should remain competitive at a global scale in the market of manufacturers of broadband wireless networks, which is the immediate future of communications and multimedia (wireless e-mail and internet, wVoIP, wireless video) by providing high-speed services, interconnectivity on all portable end-user devices and communication of superior quality”.
FROM THE ATTICA VENTURES PRESS OFFICE