Chart Venture Partners
Chart Ventures
Venture Business Research 08/06/2007
Malcolm Robertson
In July Pacific Star Communications (PacStar), a provider of total communications solutions to military, government and commercial customers based in Portland, OR announced the closing of a $12.3m Series D funding. The round included new investors Chart Venture Partners and Steelpoint Capital Partners. Existing investors including PacStar Board Chairman, George Stroemple, Fluke Ventures, Invest America, Frank Jungers and Benaroya Ventures also participated in the round.
Founded in 2000, PacStar has expanded from a $2m to a $47m revenue business, reaching profitability in its second year. The company’s patent-pending IQ-Core™ software and hardware technology and integration/installation services provide reliable and secure voice, data and video communication. PacStar’s 5000 series of deployable military communications is used by the US and foreign government agencies and armed forces and was chosen by United States Central Command (USCENTCOM) for use in Afghanistan. In addition, PacStar provides a full range of communications solutions to commercial businesses and telecommunications service providers.
PacStar is the seventh investment completed by New York-based Chart Venture Partners since the firm was founded and the third this year. Chart is a specialist investor in the homeland defense and security sectors, with an emphasis on dual-use technologies that can be deployed within the federal government and the commercial markets. The firm invests in early to middle-stage businesses ranging from companies with products a year from commercialization to companies with up to six years trading.
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