Ranovus, a Canada-based communication technology developer backed by telecommunications company Deutsche Telekom among others, has raised $24m in a series B financing round, the Ottowa Citizen reported on Wednesday.
Deutsche Telekom invested alongside Ontario Municipal Employees Retirement Systems, BDC Venture Capital, and Azure Capital Partners, all four having previously funded an $11m series A round for Ranovus in September 2013, and Export Development Canada, which participated as a new investor.
Ranovus produces interconnects for the telecommunications and IT sectors, and has raised the funds as it seeks to expand geographically. Desutche Telekom made the investment through its corporate venturing unit, T-Venture.
Hamid Arabzadeh, the company’s CEO, said: “The additional round of equity and growth capital financing, with participation from all our existing major investors as well as adding new investors, will help accelerate our expansion plan to support product delivery into our global customer base.”