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Second round funding of $13.3 million led by Advent Venture Partners
September 16, 2003
BRISTOL, U.K. -- Phyworks Limited, a fabless semiconductor company that is developing innovative electronic solutions to overcome signal degradation on optical fibers, today announced that it has raised second round funding of $13.3 million (£8.3M). The capital will be used to further develop its range of optical networking integrated circuits and to accelerate its sales and marketing activities. The round was led by Advent Venture Partners, with existing investors Atlas Venture, Add Partners and Prelude all taking part in the new round.
Phyworks’ products address the four key issues that lead to limitations in today's optical equipment and optical module design and manufacture, namely cost, size, power and performance. Phyworks focuses on advanced Electronic Dispersion Compensation (EDC), Forward Error Correction (FEC) and Physical Medium Device (PMD) products which address these limitations, leading to more cost effective optical networks. The company expects to be in evaluation with its lead EDC customers in Q4 of this year. Phyworks’ core target market is the telecommunications sector, and particularly the growing data communications and storage markets, where their products will play a key role in bringing down costs while improving high speed performance.
Commenting on the funding round, Stephen King, CEO and co-founder of Phyworks, said: "We are extremely pleased to have attracted a new round of financing which will enable us to progress the development of our lead products and take the company through to profitability. Having the support of leading investors in the sector demonstrates their confidence in the company and is an important endorsement for Phyworks as we continue to grow the business.”
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