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Closes Series B round for $10.5M; new investors are Alliance Technology Ventures and 3i
April 24, 2002
CAMBRIDGE, Mass. -- OmniGuide Communications, Inc., a company developing hollow-core cylindrical photonic bandgap optical fibers and components, today announced the closing of a Series B round of financing at $10.5 million. New investors are Alliance Technology Ventures (ATV) and 3i. First round investors Ray Stata and Mukesh Chatter also participated in this round. Mike Slawson, general partner at ATV, will join OmniGuide's board of directors. He joins current board members Ray Stata, OmniGuide's Acting CEO and Chairman of the Board, and Yoel Fink, OmniGuide's co-founder and President. Mikko Suonenlahti, director with 3i, and Nick Papantonis, venture partner with ATV, will join as observers to the board. Ray Stata, OmniGuide's Acting CEO, said: "With this investment and support of our new partners, OmniGuide expects to demonstrate the manufacturability and commercial viability of this radically new optical fiber technology. If successful as expected, this innovation will revolutionize the transmission of optical signals in much the same way as today's solid core optical fibers displaced coaxial cables two decades ago." OmniGuide Communications Inc.
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