Adak Communications Corp, Lansing, Michigan developer of ISDN customer premises access and control devices, has raised $5.3m of venture capital from a group of investment funds led by Fostin Capital Partners’ APA Pennsylvania Fund. Participating in the new investment were Advent International and two of Adak’s existing major shareholders, Gateway Venture Partners II and Apex Investment Fund. The cash will be used to expand sales and marketing of the company’s ISDN products into markets with point-of-sale, local area network interconnection, work-at-home, financial and security applications.
VENTURE FUNDING
