LightChip, Inc. Completes
$16 Million Second Round
SALEM, NH December 8, 1999 - LightChip, Inc., announced today the completion of a $16
million financing round.
LightChip will use these funds to accelerate development, manufacturing, and marketing
programs for its first families of optical networking products. The Company has already
begun aggressive efforts to expand both its staff and facilities.
The financing was led by Morgenthaler, with participation by new investor J. P. Morgan
Capital and by first-round investors AT&T Ventures and LightPath Technologies (LPTHA).
Robert Pavey, General Partner of Morgenthaler, will join LightChip?s Board of Directors.
"The relentless pace of the implementation of optical networking is creating opportunities
in every segment of the telecommunications industry. LightChip has achieved several
breakthroughs that position the Company to be a formidable provider of high-value
systems to this exploding marketplace," said Bob Pavey. "We have tracked the rapid
progress of LightChip during its first year and are excited to be part of its future."
"In all of our discussions with potential customers, we have received strong affirmation of
the architecture, performance, and cost-effectiveness of our technologies and product
plans, " said Bill Peck, LightChip?s President and Chief Executive Officer. "We are rapidly
approaching the launch of our initial products and are confident that they will be well
received."
Neal Douglas, General Partner at AT&T Ventures, commented, "LightChip?s focus has
been squarely on a breakthrough approach to optical networking. The Company?s
success in this area has opened the way for success with its products."
LightChip was formed to develop a new generation of optical networking systems with
particular focus on metro and access-level applications. Its first financing round was
completed in September 1998.
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