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<<<Lightchip gets $60 million in funding
IPOs quiet, but venture rounds abound
By Steve Gelsi, CBS.MarketWatch.com
Last Update: 10:20 AM ET Aug 28, 2000 NewsWatch
Latest headlines
NEW YORK (CBS.MW) -- Lightchip said Monday it's getting $60 million in funding as the optical-networking equipment firm moves closer to a possible initial public offering.
Although the market for IPOs in its summer lull with no deals debuting this week, venture capital is still flowing strong.
Salem, N.H.-based Lightchip secured the funding after an "overwhelmingly positive" reception given to the June launch of its Versalight optical transport and management products, the company said.
Optical networking has been one of the hottest areas of the IPO market as investors scramble to invest in companies linked to the growth of the Internet's infrastructure.
One closely watched IPO in the optical networking category is profitable Luminent (LUMT: news, msgs). See full story.
Berkeley International Capital, a unit of London Pacific (LDP: news, msgs), led Lightchip's latest round. Arthur Trueger, London Pacific's chief executive officer, recently told CBS.MarketWatch.com that his incubator firm plans to invest in more networking IPOs. See related story.
Other participants include Morgenthaler Ventures, AT&T Ventures (T: news, msgs), LightPath Technologies (LPTH: news, msgs), and J.P. Morgan Capital.
A phone call to Lightchip wasn't immediately returned on Monday.
The company has received $85 million in funding to date.>>>
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