Akara Lands $30M in Round Two

Second-round funding led by VenGrowth, with Corning and Sumitomo participating

July 2, 2001

1 Min Read

OTTAWA -- Akara, provider of the industry's first Optical Utility Services Platform, announced today that it has secured $30 million in second round funding led by VenGrowth, one of Canada's leading venture capital firms. There was also strong participation by Corning Innovation Ventures, a division of Corning Incorporated (NYSE: GLW - news) that strategically invests in high-growth optical networking companies, Dain Rauscher Wessels Morgan Keegan, Presidio Venture Partners LLC, Sumitomo Corporation, and first round investors Battery Ventures and Greylock Partners. Akara's optical service management solution, comprised of the Optical Utility Services Platform (OUSP) and Optical Utility Services Manager (OUSM), dramatically increases the service providers' and carriers' ability to meet the burgeoning enterprise demand for cost-effective delivery and management of business-critical, bandwidth-intensive services and applications. The funding will be used to expand operations, customer service, sales and to continue development of future products and services."We look for a few critical things when we invest: a seasoned management team, early traction with key prospects, a sustainable business plan, and a jump-start on the competition in a significant market opportunity," said Timothy Lee of VenGrowth. "Akara's technology brings a unique value proposition to the providers of optical services and their enterprise customers, and will spark new growth throughout the entire industry."Akara Corp.

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