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InSciTek raises $500,000 from investors
InSciTek raises $500,000 from investors
Listen to this articleFairport-based InSciTek Microsystems Inc. has raised more than $500,000 from angel investors, meeting its first-round funding goal. The company plans to raise $5 million by the end of third quarter.
The funding will be used as working capital and for its new product launch. The product, Allworx, integrates a telephone system and network PC servers, shared high-speed Internet access, and other capabilities into a single server.
Allworx will be tested in the field this summer and available commercially in November.
“The market opportunity is substantial,†said President George Daddis. “Small businesses are fueling America’s economy, yet there is no dominant vendor filling this IT need in this market.
“We estimate the overall market opportunity to be 2.4 million (small businesses). There is a real and substantiated opportunity for $100 million in revenue in the fourth year of operations.â€
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