Intel Capital Invests in Fonality, Leader in Open Source Telephony
Fonality, the leader in open source IP telephony for the small-to-medium size business (SMB) market, has secured $7 million in a Series C round led by Intel Capital with participation from existing investor, Azure Capital Partners. Fonality was founded in 2004 to fill a vital need for enterprise-class telephony at price points within reach of SMBs.
The IP PBX market is expected to grow at a compound annual growth rate of more than 23 percent and reach $8.9 billion in 2009 (Source: IDC). Fonality has already demonstrated significant business success and the company achieved profitability in 2006. Fonality is growing at monthly rate of ten percent and call volume has grown by 400 percent per year over the past three years. The company now serves more than 1,600 businesses in 25 countries with 40,000 individual users who have made over 65 million phone calls over the company's PBXtra(TM) hybrid-hosted business phone system.