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Net2Phone Inc., which provides voice services over the Internet, said Tuesday that it has raised $63 million and plans to use a portion of the money to fund its cable telephony business.
The Newark, N.J., company, which raised the money through a recent stock offering, also plans to use the funds for general corporate purposes, capital expenditures and as working capital for other projects, company officials said in a statement.
Net2Phone sells retail voice over Internet protocol (VoIP) products, and also offers a hosted telephony service for cable operators.
Earlier this week, Vonage Holdings Corp., another VoIP provider, announced a $35 million funding round for expansion into European markets.
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