LONDON-Revenue-assurance company Azure Solutions announced it scored $15 million in venture funding. Doughty Hanson Technology Ventures led the round, with Intel Capital, New Venture Partners, AG Edwards and Hexagon Investments participating.
“To attract funding from companies of the caliber of Doughty Hanson and Intel Capital is a real endorsement for Azure,” said John Cronin, the company’s president and chief executive officer. “Part of the funding will be used to maintain the leadership position of our award-winning revenue-assurance portfolio for circuit-switched, IP and 3G networks. We will also increase our global support for existing and new customers, especially Tier 1 operators such as BT, KPN, Vodafone, Telenor and Verizon that we are already working with.”
Azure offers products including Data Integrity, Wholesale and Interconnect Billing, International Settlements, Fraud Management, Mediation, Management, Translation and Rating, Event Integrity and Route Optimization. The company was spun out of British Telecom in April 2003.
