Telesphere, a Phoenix-based telecommunications company with an office in Murray, said it has acquired more than $15 million in private-equity funding.
CEO Clark Peterson said the revenue will be used to continue Telesphere's expansion in existing markets such as Utah, where it began operations last October, and in new locations. Funding comes from Rally Capital LLC and Hawkeye Investments LLC, based in Seattle, and Las Vegas-based Greenspun Corp.
Telesphere sells a hosted voice-over Internet telecommunications platform that gives small to medium-sized businesses Internet access and allows them to bypass traditional PBX systems. That enables firms with more than one location to share all voice and data communication over a private connection.
The system can be used by dialing just four numbers on the internal phone system. But it also can blur the distinction between phones and computers, causing phones to ring with a click on a computer icon or converting telephone voice mails to written e-mails.
"This is clearly a difficult environment for raising capital," said Peterson. "It's only because Telesphere's project is so unique and its message resonates so clearly that we can raise this kind of capital."
Rally Capital Chairman Dennis Weibling, an investor who has helped finance other telecommunication ventures, said his firm is putting money into Telesphere because it "helps [smaller] businesses become more effective. ... We can really provide serious advantages to that group."
Telesphere has about 14 employees at its offices east of Interstate 15 on 5300 South. Peterson expects the number to grow to 20 later this year.
