1/29/1999 - French Start-Up Highwave Optical Technologies Earns Investor Confidence and Announces FRF 20 Million Capital Increase
LANNION, January 20,1999--FOR IMMEDIATE RELEASE
Just nine months after its creation, Highwave Optical Technologies today announced a FRF 20 million capital increase. Having already established a significant position in the European market, the company will use the proceeds from the operation to accelerate its international development, fund R&D and increase its production capacity.
Highwave Optical Technologies was founded by Eric Delevaque and Sylvain Boj within the scope of the intrapreneurship policy of France Telecom's CNET R&D center. Start-up funding was provided by Technocom Ventures, a venture capital firm of France Telecom and Newbridge Networks. Technocom Ventures will take part in the capital increase alongside Newbury Ventures, a U.S. venture capital firm, Banexi (a unit of BNP) and Innovacom III, a subsidiary of France Telecom. Highwave Optical Technologies will raise a total of FRF 20 million.
Highwave Optical Technologies develops, manufactures and markets new-generation optical components for high-speed telecommunications applications (multiplexers, amplifiers, amplifying doped fibers, filters, etc.). The company's order book stands at over FRF 8 million, with orders from the world's leading telecom equipment manufacturers, including Alcatel, Pirelli, Nortel and Siemens. Highwave Optical Technologies projects annual sales of FRF 50 million in 2001.
Based in Lannion, in northern Brittany, the company's high-tech facilities enable production of sophisticated optical components. With 20 employees today, Highwave expects its workforce to triple by 2001.
Technocom Ventures was created by Newbridge Networks and Innovacom (a unit of France Telecom) to manage a FRF 130 million investment fund focused on telecom start-ups in France. Innovacom, a wholly-owned subsidiary of France Telecom, is France's leading venture capital company in the information technology sector.
To support employees seeking to launch their own enterprise, France Telecom set up a special Intrapreneurship unit in March 1998. Through this initiative, France Telecom recognizes the importance of seizing opportunities for creation of small businesses?and the accompanying jobs?in areas that offer synergies with its own activities. A total of five start-ups had been launched through this channel at the end of 1998, four of them by CNET engineers?including three in the Tr‚gor region of Brittany?representing a total of 40 new jobs.
Rising demand for high-speed data transmission solutions, driven in particular by the Internet, has created a major market for fiberoptic telecommunications equipment. Highwave Optical Technologies is establishing a solid position in this market while supporting the local economy by creating jobs and enhancing Europe's technological expertise.
The confidence shown by Technocom Ventures and Newbury Ventures reflects the fact that Highwave is one of the most promising French telecom start-ups.
francetelecomna.com |
