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High-Tech Firm Finds Home
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Business New Haven
8/7/2000
By: BNH
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OXFORD - A startup telecommunications company announced plans July 17 to move to Naugatuck after receiving $12 million in venture capital to fund product development and double the size of its 40-person workforce by year's end. Kenetec Inc., which develops systems to handle phone, data and Internet transmissions for businesses, explored the possibility of moving into Waterbury's Information Technology Zone (ITZ), but founder and CEO Kuldip Bains said the Spring Street location in Naugatuck was available sooner. Kenetec didn't have time to go through the “three- to six-month approval process” to move into the ITZ, Bains told the Waterbury Republican-American. However, he said his firm was impressed with the incentives offered by the ITZ, which was created to lure high tech companies to downtown Waterbury.
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