Iolon Grabs $7.6M Funding, $9M Credit

Iolon gets more funding from a couple new investors in its Round C and a $9M line of credit from two other firms

April 25, 2002

1 Min Read

SAN JOSE, Calif. -- iolon, inc., a privately held designer and manufacturer of tunable optical devices, today announced the closing of an additional $7.6 million of Series C funding from new investors NTT Leasing Co., Ltd. and Swiss Life, advised by Swiss Life Private Equity Partners Ltd, as well as from existing investors including Seagate Technology Investment Holdings LLC, Kleiner Perkins Caufield & Byers (KPCB), Optical Capital Group, Boston Millennia Partners, Bowman Capital, Doll Capital Management (DCM), Integral Capital Partners, The Goldman Sachs Group, Inc., CrossBridge Venture Partners, J. & W. Seligman, Inc., Banc of America Securities LLC, and Kalkhoven, Petit and Levin Ventures (KPL). In addition, iolon announced that it has secured a credit line of $9 million from Western Technology Investment, Inc. and Costella Kirsch, Inc., bringing the company's total funding to date to over $85 million. "Closing this round with year-ago valuation and terms is a strong affirmation from our investors that iolon's business model and its execution against that model has earned iolon its position as the leading supplier of tunable lasers," said John Clark, President, CEO and Chairman of iolon. "iolon recognizes that with the current market conditions, supplier viability has become a key requirement for our customers. In addition to obtaining this new financing, we recently restructured our business to reduce overall spending while increasing the resources directly supporting our customers. Our financial position was already strong, as we were self-funded through the end of 2003. With these new actions, we have extended our self-funding well into 2004 under present market conditions." Iolon Inc.

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