Home Network Infrastructure Provider Avega Systems Gets $7 Million Funding

Home entertainment network company Avega Systems has received $7 million in its second round of funding, from Cisco Systems has joined two VC firms, Jafco Investment and Technology Venture Partners, Reuters reports. The investment is seen as a move by Cisco to gain position in the burgeoning home networking market. Avega provides technology that connects devices, including audio players, speakers, video monitors, and set-top boxes. It has also developed technology to control and manage the wireless content they transmit. Reuters quoted Charles Carmel, Cisco’s director of corporate business development, as saying the company was planning to collaborate with Avega, including embedding its technology into Cisco’s products. “We clearly are working closely with Avega and I would categorize it as a near-term opportunity,” he said. Press release.