Veritas participated in British CableNet's $5 million secondary round

British startup CableNet International today announced that it has completed a $5 million secondary financing round. The company provides supply chain management solutions and services to cable manufacturers.

The round was led by venture capital fund eTechnology VCT, and included existing investors, such as the British fund Amadeus Capital Partners, the European fund Kiwi II, and the Israeli fund Veritas. CableNet CEO Errol Damelin said that billions of dollars are unnecessarily invested in development by the cable communications industry, which can be saved by using a shared platform such as CableNet has developed.

The company intends to use the funds to further develop its solutions, and in order to penetrate the market. At the end of January the company announced it is forming an alliance with General Cable (NYSE:BGC), which is to incorporate the CableNet platform.

CableNet was founded in May 2000 by Israeli ex-patriate Damelin, former vice president of Sales and Marketing at cable wire manufacturer Barzelan.

In August 2000 the company raised $5 million in a round led by Veritas, together with Amadeus and the Italian fund Pino Venture Partners. The company is headquartered in London, and has offices in Israel, the United States and South Africa.

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