Network Elements Cops $77 Million

BEAVERTON, Ore. -- Network Elements, Inc., the Optical Networking Module (ONM TM )company, today announced the closing of $77 million in financing. New strategic investors Intel Communications Fund and Nortel Networks have joined Credit Suisse First Boston Private Equity and Western Technology Investment in this round, bringing the total funding of Network Elements to $100 million. Previous investor New Enterprise Associates led this round and original seed investor, Alloy Ventures, also participated.

"Our Optical Networking Module products are in high demand and we have the right products for this fast-growing market," said Bruce Murdock, President and CEO of Network Elements. "As we continue to attract top tier investors and partners, this round of financing enables us to further build up our manufacturing capacity and introduce several new products that are now in development. Our employees are focused on driving towards high-volume manufacturing, regular product releases and exceeding customer expectations."

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