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The funds will allow Optiway to extend its product line and to support international sales and marketing growth.
Concurrently, former ECI Telecom executive Ofer Reviv was appointed CEO, replacing Optiway founder Luca Bercovici, who becomes the firm's president.
Rosh Ha'ayin-based Optiway's products have already been deployed by all four Israeli cellular carriers in hi-rise buildings, industrial parks, hospitals, shopping malls, and campuses throughout Israel. The company has also initiated international expansion with sales in South America.
Current Analysis research director Peter Jarich said that with more new mobile communications devices, demand for wireless communications is up. "As new devices and technologies drive mobile broadband, demand for near-ubiquitous wireless coverage is on the rise. And, as enterprises both public and private look to improve wireless coverage, the demand for multi-technology, multi-operator in-building solutions is on the rise. "
Targetech chairman Dr. Abraham Meidan said, "The investment of Targetech's partners in Optiway follows our commitment to companies that got their head-start at our innovation center in Israel, after their incubation period."
Optiway was founded in 2004. Optiway's products enable multi-service solutions for in-buildings wireless communications, supporting multiple cellular service providers, each using technologies over various frequency bands, utilizing a single optical path.
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