The latest commitment by Pequot and Exelon, both existing shareholders in the company, adds up to the fourth round of financing for Everest. The amount was not disclosed, but the latest commitments bring Everest's total capitalization to date to the $88 million mark.

Everest has proven to be a somewhat of a survivor in a turbulent telecom business that has seen substantial casualties among the ranks of both the existing giants and the start-ups. The company, which provides high-speed Internet access, local and long-distance voice, web hosting, audio conferencing and other services and applications to office building tenants and hotel properties, currently has more than 1,000 commercial customers in major markets throughout the U.S. and Canada.

In providing the new round of funding, Gerald Poch, managing director of Pequot Capital Management cited "Everest's ability to prove itself in an unforgiving market. This additional round of financing will provide them with the means to continue on a fast-track to profitability."

"Everest has a strong business model and the right mix of voice and data services," adds Joseph Kerecman, general partner for Exelon Capital Partners. "That makes the company able to compete with legacy players on their home turf, which is no small feat even in the best of economic times."

"From the start, the financial resources and acumen of our investors formed a key differentiator," according to Everest CEO/president Jeffrey Feldman, whose company's service is based on flexible network architecture built around its in-building ISN and proprietary middleware. "We will leverage this new capital to consolidate our lead in serving the commercial communications market."

Pequot Capital Management, through its Pequot Private Equity Funds arm, invests in public and late-stage private companies in the fields of information technology, telecom and healthcare. Exelon Capital Partners was created three years ago as the corporate venture capital group of PECO Energy Co.