Martello Technologies raises $3 million in latest investment round

Ottawa-based Martello Technologies announced it has secured $3 million in common equity as its latest investment round ended Thursday.

The company, already backed by Wesley Clover International, said the money will help it speed up production and target the global market for IP telephony and unified communications, which it said is worth $11.7 billion.

It said it expects sales to double over the next 18 months as it welcomes its new group of investors.

Martello is actively recruiting programmers at all levels in an effort to capture more of the global addressable market.

CEO Bruce Linton said Martello’s MarWatch platform, which simplifies cloud-hosted real-time unified voice solutions, is already used by more than 1,000 networks around the world, monitoring more than 3,500 devices. It has gained significant exposure through the company’s business relationship with Mitel.

The lead underwriter in the latest investment round, Sameet Kanade, said this positions Martello well for future growth.

“It has an experienced leadership team and a product development roadmap that is well geared for its targeted commercial markets,” he said in a statement.