Paratek Closes $15 Million Series B Financing
Paratek Microwave, a supplier of smart scanning antennas and miniaturized tunable radio frequency front ends, announced today it had received $15 million in new Series B funding.
In addition, $8.5 million of previously raised debt was converted into equity in conjunction with the Series B funding. The funds will be used to expand marketing and sales efforts and to expedite development of additional commercial products, the company said.
Polaris Venture Partners led the round. Other investors include Morgenthaler Ventures, Novak Biddle Venture Partners, Investor Growth Capital and ABS Ventures.
Paratek also announced that Dr. Robert M. Metcalfe was named chairman of the board. Metcalfe, best known for inventing Ethernet in 1973 and founding 3Com Corp. in 1979, is a general partner of Polaris Venture Partners. Also, Paratek named Warren Weiner chief financial officer. Weiner recently served as CFO of wireless microelectronics companies Transilica/Microtune and Zucotto Wireless and was co-founder of wireless communications product maker PCSI/Cirrus Logic.