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Movik Networks Inc. of Littleton has raised a new, inside debt round worth $3 million from existing investors, including Highland Capital Partners of Lexington and North Bridge Venture Partners of Waltham, according to a document filed with federal regulators this morning.
Movik, which makes equipment designed to speed mobile broadband service, also added $250,000 to an $8.5 million round raised last December with the same investors, according to a separate filing.
The new round of financing may be a bridge loan to a financing event anticipated in 2011. Movik CEO Ramji Raghavan, the founder and former CTO of Bedford-based Coriolis Networks Inc., could not be reached for comment this morning. Raghavan co-founded Movik in 2006 with his former partner and co-founder at Coriolis, Surya Kumar Kovvali, who is Movik’s vice president of technology, and three others: former Nokia-Siemens executive Chip Boyle, Ellacoya vet John Calcio and former Bharti Airtel executive Ram Krishnan.
To date, Movik has raised at least $19.3 million, since 2008.
According to Movik’s website, the company’s product is also designed to lower mobile broadband costs for operators and provide revenue-generating options akin to digital commerce hubs like the Apple iPhone App Store, Google Android Market and Nokia Ovi.
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