Investors Put $5.25M Into PCNWednesday, September 26, 2012
PCN Technology Inc., a designer and maker of communications equipment used in Ethernet networks, said it completed a $5.25 million investment round.
The financing was led by PCN’s existing investors and board members including Executive Chairman Irwin Pfister and directors Jerre Stead and Joe Kasputys. Additional participants included venture capital firm Enertech Capital of Philadelphia as well as new individual investors from San Diego, the company said.
The funds will be used to hire more employees for customer project management, product marketing, strategic account management and technical applications support, PCN said.
The company’s routers and managed switches transform legacy infrastructure into an advanced digital highway that pushes the cloud to the edge and drives more value of out of existing paid-for infrastructure, the company said.
Without revealing any actual numbers, PCN said it’s seeing increased growth in building, security, access control and other automation and control markets.