Digium Raises $13.8M in Venture Capita

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Digium Raises $13.8M in Venture Capita

2006:11:07 13-57-42
Digium Raises $13.8M in Venture Capita

Digium Raises $13.8M in Venture Capita

Digium, the company that created and maintains the open source telephony platform, Asterisk, announced today that the company had raised $13.8 million in venture capital from Matrix Partners. It is the first time the company has received outside funding.

Matrix Partners is not without experience in funding open source companies. The venture capital firm was the first to fund the application server/community portal, JBoss, which was sold to Red Hat earlier this year for $350 million.

The venture funding adds an interesting twist to the Asterisk story line, the first version of which was reportedly written by Spencer because he didn't have the funds required to buy an enterprise PBX.
While Digium's founder, Mark Spencer, says he wasn't necessarily looking for funding to supplement the company's several years of 100% growth, Matrix's experience with JBoss illustrated the kind of outside contribution that a partner could make to the company.

Looking ahead, if Digium were to follow the JBoss lead, the question of who might purchase an open source telephony platform is sure to come up. Given the contributions of a worldwide developer base and Spencer's standing in the open source community, one would have to assume that the company would hold out for a buyer with friendly ties to OSS. And since Spencer and his creation for all practical purposes created the market for open source telephony, you might have to look beyond the communications industry -- and the Avayas and Nortels -- to someone less directly a part of it. Someone like, possibly, an IBM or Oracle -- Oracle having purchased Telephony@Work earlier this year.

The funding win is another high point in an already good year for Spencer who was recently recognized by Inc.com on their "30 Under 30: America's Coolest Young Entrepreneurs" list.

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