Corona Pockets $7.5M

Corona Optical Systems secures $7.5M in Series B round of funding, led by Megunticook Management and Sterling Holding Company

February 21, 2003

1 Min Read

LOMBARD, Ill. -- Corona Optical Systems, a leading provider of parallel optical modules, today announces that it has raised $7.5 million in its Series B round of funding. Led by Megunticook Management and Sterling Holding Company, the round also includes new funding from Corona’s previous investors Intel Capital, KB Partners, and Venture Investors. As part of the funding agreement, Megunticook partner James Houghton and Sterling CEO Joe Norwood will join Corona’s Board of Directors, where they are accompanied by Founder and Chairman Bryan Gregory of Corona, and KB Partners Managing Director Robert Garber. Corona will use funds from the investment to accelerate its growth and expand its sales.Corona Optical Systems’ key technologies focus on high-speed parallel optoelectronic modules and subsystems for switching and routing equipment. Corona’s initial product, the OptoCube™ 40, represents state of the art small, high channel-count optical transmitter and receiver modules.Scott Higgins, President and CEO of Corona, stated, “We’re pleased with Corona's ability to raise funds in this current environment. Funding from this round will enable us to further extend our market success, continue the volume manufacturing ramp and support our growing sales to a diverse global customer base.” This latest infusion follows the company’s previously announced Series A round in March 2001, and a previously unannounced $2 million inside round in April 2002.Corona Optical Systems Inc.

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