Toronto-based venture capital firm BEST Funds invested $1.5 million in XipLink, a statement about the funding said.

XipLink develops wireless bandwidth optimization products. Proceeds from the financing will be deployed towards the sales and marketing efforts of Montreal-based XipLink. It will also be used to support the company's thrust towards making ground-breaking technological developments, the statement said.

In the statement, XipLink President and Chief Executive Officer Jack Waters said, "Since being named Technology of the Year by The World Teleport Association, our company has been enjoying rapid expansion and growth. We're excited to be able to use this investment to fully capitalize on that growth, and continue to create innovative technologies that have made us a leader in wireless optimization products."

BEST Funds is a venture capital company that looks for opportunities in emerging companies that make necessary and innovative technologies that are looking to expand and speed up its growth. BEST Funds Chief Executive Officer John Richardson commented on the investment they made on XipLink, "The capital we have invested in XipLink will help them reach the necessary milestones in order for their cutting-edge technology to significantly expand market penetration."

Established in 2007 by experienced veterans in the wireless data communications market, XipLink develops dependable and proven technologies that provide the quickest return on investment in the industry. Its applications and embedded software are sold to a global clientele, allowing operators and users to get maximum data by making the most out of the available wireless bandwidth at the cheapest cost, the statement said.

BEST Funds, meanwhile, was founded in 1996 and helps fast-growing technology firms by giving them the capital necessary to enable them to realize their growth plans. They focus their investments in the software and technology segments, financing the rapidly-growing firms in Canada, the statement said.