@Home Network Completes Financing Round
Leading Technology and Cable Companies Included Among Investors
Mountain View, CA -- April 16, 1997 -- @Home Network today announced that it has concluded a $48 million private placement of preferred stock, representing approximately 4.5% of the company, with leading technology and cable companies that are developing and deploying broadband solutions that improve Internet performance for individuals and businesses. Disclosed investors include Bay Networks, Motorola Inc, Rogers Cablesystems, Shaw Communications, and Sun Microsystems. Deutsche Morgan Grenfell assisted with the financing.
The new round of funding enables the company to continue its expansion of its high-speed services to the home. To date, @Home Network and its cable partners have deployed residential services in multiple U.S. markets, including: Arlington Heights, Illinois; Baltimore, Maryland; Fremont, California; Hartford, Connecticut; Orange County, CA; Sarasota, Florida; and Union County, New Jersey.
In addition, the company plans to deploy its @Work services in numerous major metropolitan centers, including Northern California, Los Angeles, New York and Boston, through its agreement with Teleport Communications Group Inc. (TCG). @Work also will be able to access business customers over broadband wireless links in additional markets that are accessible by TCG through its agreements with BizTel, a leading 38GHz microwave provider.
Recently, @Home Network announced its partnership with Rogers Cablesystems, Limited and Shaw Communications, Inc., the two largest Canadian cable operators, to create Wave@Home. Since its founding with TCI in May 1995, @Home Network has reached affiliate agreements with seven top cable companies in North America including TCI, Comcast, Cox, InterMedia Partners, Marcus Cable, Rogers, and Shaw.
@Home Network distributes high-speed interactive services to residences and businesses using the cable industry's hybrid-fiber coaxial infrastructure and its own network architecture. The cable connection provides users significant increases in speed over conventional Internet access, and @Home's network allows for unique content offerings that go beyond current Web experiences. Original investors in the company include Comcast Corporation, Cox Communications and Tele-Communications, Inc (TCI) and Kleiner Perkins Caufield & Byers (KPCB).
Based in Mountain View, California, @Home Network was formed in 1995. @Home Network's home page on the World Wide Web is http://www.home.net.
@Home Network, @Home Network, and the @ logo are trademarks of @Home Network and may be registered in certain jurisdictions. All other brands and products are trademarks of their respective companies.