Lambda Optical Raises $22M
RESTON, Va. -- LAMBDA OPTICALSYSTEMS, an advanced optical network solutions provider, announced today that it has secured $22 million in Series B1 funding from Sevin Rosen Funds, ComVentures, and PacRim Venture Partners/SmartForest Ventures - three venture firms with strong track records in the telecommunications sector.
The funding follows Series B capital awarded in April 2004, which LAMBDA OPTICAL SYSTEMS invested primarily in the development of its LAMBDA NODE 2000 optical switching platform and its software suite of call control and integrated network management systems. LAMBDA OPTICALSYSTEMS plans to apply this new round of funding toward further product development, as well as sales and marketing initiatives. The company is committed to providing affordable all-optical networking solutions to government agencies and telecommunications carriers that face growing demands for high-bandwidth services and advanced applications.
"The investors' commitment to LAMBDA OPTICALSYSTEMS indicates their confidence in our ability to deliver innovative solutions that help our customers meet their unique challenges," stated Irfan Ali, president and chief executive officer of LAMBDA OPTICALSYSTEMS. "The intent of this series of funding is to build on our foundation of technical success by continuing targeted initiatives with government and telecommunications carrier customers on a global basis, as well as to expand our sales and marketing functions."
Lambda Optical Systems Corp.