Incomnet Obtains Venture Capital of $1.25 Million
Incomnet, a Westlake Village data communications company, said it completed a $1.25-million private placement that is the first phase of a planned $3-million private fund-raising effort. Company President Charan Lohara said the company expects to complete the rest of the private placement within 30 days.
Incomnet also said Arch J. McGill, a venture capital executive in New Jersey and former president of what is now AT&T; Information Systems, assumed Andrew Murison’s seat on the company’s board of directors. The company said Murison stepped down because he lives in London, but will continue to serve as a consultant for Incomnet in Britain.
Incomnet sells systems that enable personal-computer users to connect with far-flung networks.