PCN Technology Closes $5.25 Million in Additional Growth Investment
San Diego, CA - September 2012 - PCN Technology, the leader in Ethernet/IP networking products for existing functional twisted pair and discrete wiring, today announces the completion and close-out of its latest growth round totaling $5.25 million in financing.
The financing was led by PCN’s existing investors and board members including PCN’s Executive Chairman Irwin H. Pfister and Directors Jerre Stead and Joe Kasputys. Additional participants included PCN’s existing venture capital firm Enertech Capital of Philadelphia along with new individual investors from San Diego and La Jolla, California.
PCN is achieving increased growth in building, security, access control and other automation and control markets. The capital is being used for the hiring of additional human resources for customer project management, product marketing, strategic account management & technical applications support.
"By elegantly transporting Ethernet data across functional multi-drop automation wiring, PCN has solved a huge infrastructure problem while at the same time enabling new IP-enabled opportunities for network integrators and owners. This has created strong interest and increased demand for PCN products within automation and control markets where Cloud connectivity is needed, but maintaining reliable and secure serial functionality is a must," said Irwin Pfister, PCN’s Chairman.
PCN’s intelligent Ethernet Routers and Managed Switches transform legacy infrastructure into an instant and advanced digital highway that pushes the "Cloud" to the edge and drives more value out of existing paid-for infrastructure.
"Customers are leveraging our value to achieve rapid IP integration while eliminating the need for converters, un-needed hardware, structured cabling, operational shut down, and the overall rip & replace mentality. This creates opportunity for huge savings and efficiencies in deployment with the ability to drive new revenues without impacting existing service contracts," commented Daniel Drolet, EVP of PCN’s Business Development.
Under the direction of its leadership team, PCN’s utilization of the capital will bolster support of customers in the US and Canada while managing new customer opportunities in building automation, security, voice, point of sale, industrial and M2M markets.