NEWS: A.T.& T. Ventures, J.P. Morgan and Lightpath Technologies invest $16 million in 2nd round financing in Lightpaths's star subsidiary, LightChip, Inc.
LightChip, Inc. Completes $16 Million Second Round
SALEM, N.H., Dec. 9 /PRNewswire/ -- 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.
For more information, contact www.lightchip.com.
For further information contact Bill Peck at 603-894-7165 or info@lightchip.com. Web address: www.lightchip.com address: 5 Industrial Way., Salem, NH 03079 |
