Picolight secures $10M in financing round led by St. Paul Venture Capital and BA Venture Partners

January 22, 2004

1 Min Read

BOULDER, Colo. -- Picolight today announced that it closed a $10M funding round Dec. 30 led by St. Paul Venture Capital and BA Venture Partners (Bank of America). "This round strengthens our balance sheet and together with the strong revenue growth we experienced in 2003, will allow us to achieve profitability by the middle of 2004. We continue to see increasing customer acceptance of our transceiver and laser sub-component products," said Stan Swirhun, CEO of Picolight.

Bill Cadogan, St. Paul Venture Capital general partner, said, "Picolight is uniquely positioned in the fiber optic transceiver space with new and existing products, ownership of the key sub-components, a strong patent portfolio and leadership in 1310nm vertical cavity surface-emitting laser (VCSEL) technology." Cadogan added, "The company has the first commercially available 1310nm VCSEL which will redefine and dominate access networks in the same way 850nm VCSELs dominate enterprise networks."

"Picolight is an established, growing player in the enterprise and storage markets with significant customer and product traction and more than $50M in cumulative sales," stated Rory O'Driscoll, managing director of BA Venture Partners. "In the tough market of the last two years, the company increased key customer engagements, introduced leadership 10G Ethernet and 4G Fibre Channel products, and established solid off-shore production capability. We are enthusiastic about the company's prospects."

Picolight Inc.

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