Casa Systems Hauls In $96.5M From Summit Partners

Casa Systems, a privately held vendor of cable modem termination systems, raised $96.5 million in funding from venture-capital firm Summit Partners.

The funding, disclosed in a filing with the Securities and Exchange Commission, was reported last week by Mass High Tech.

SeaChange International last month sold its stake in Casa Systems for $34.1 million, in conjunction with the funding round.

Casa Systems, founded in 2003 and based in Andover, Mass., sells DOCSIS 3.0 CMTSs and edge QAM devices. According to the company, it shipped more than 8,000 CMTS downstream channels in the first quarter of 2010.

"Casa is at an exciting point in our history and we are poised for continued high growth," Casa Systems founder and CEO Jerry Guo said in a statement. "We've chosen Summit Partners based on its knowledge of our market combined with its excellent track record in helping to build market-leading technology companies."

Summit Partners' funding was described as a "minority investment" when Casa announced the funding (but not the amount) last month. Summit managing director Bruce Evans will join the Casa Systems board.