Update time...Lightchip Completes $60 Million Round of Funding for Optical Transport and Management Solutions
Monday August 28, 7:31 am Eastern Time
Press Release
SOURCE: Lightchip, Inc.
Lightchip Completes $60 Million Round of Funding for Optical Transport and Management Solutions
SALEM, N.H., Aug. 28 /PRNewswire/ -- Lightchip, Inc., a provider of system solutions for next-generation optical transport and management, announced today the completion of a $60 million financing round.
( Photo: newscom.com )
The Company will use these funds to accelerate the implementation of its production facilities and to expand the company's product development and its marketing and sales programs. Demand for Lightchip's initial products is growing rapidly and the company expects to double the number of employees in the coming months.
Berkeley International Capital Corporation led the financing with continuing participation by Morgenthaler Ventures, AT&T Ventures, LightPath Technologies (NASDAQ: LPTH - news), and J.P. Morgan Capital. This third round brings to $85 million the total investment received by Lightchip since its founding.
``Lightchip has a compelling set of transport solutions for the burgeoning market in optical networking,'' said Arthur Trueger, chairman of Berkeley International. ``This funding will provide the company with the additional horsepower necessary to fulfill the large product demand it has received.''
Lightchip launched its Versalight(TM) family of optical transport and management products at SuperComm 2000 in June. ``The response to our demonstration was overwhelmingly positive,'' commented Bill Peck, President and CEO. ``We showed that our products can transport any combination of traffic, from analog video to high-bit-rate SONET, bidirectionally over a single fiber strand, with continuous optical performance monitoring at all nodes. We also demonstrated the world's only high-channel-count all-optical add/drop multiplexer.''
``Lightchip has proven that classical optical technologies will have a major role in the ongoing revolution under way in telecommunications. The combination of ultra-high performance, flexible architecture, and customer- driven packaging that is embodied in the Versalight(TM) family will give Lightchip a distinct advantage as the company begins product shipments later this year,'' said Bob Pavey, General Partner at Morgenthaler Ventures.
About Berkeley International Capital Corporation
Berkeley International Capital Corporation, a subsidiary of London Pacific Group Limited, a group with over $5.3 billion of assets under management or administration, is a later-stage venture capital firm located in San Francisco, California.
For further information contact Priscilla Johnson at 603-894-7165 or info@lightchip.com. Web address: www.lightchip.com address: 5 Industrial Way., Salem, NH 03079
SOURCE: Lightchip, Inc. |
