PicoLight Raises $27.5M

PicoLight receives $27.5M in funding with the addition of $14.5M in a combination of new equity investment and debt financing

August 17, 2005

2 Min Read

LOUISVILLE, Colo. -- Picolight, Inc., a leading designer and manufacturer of optical transceivers and components, announced today that it has completed a $27.5 million funding effort, with the addition of $14.5 million in a combination of new equity investment and debt financing. Investor Growth Capital, a new investor, completed the second close with a $7 million equity investment, and was joined by ORIX Venture Finance, LLC, which provided an additional $7.5 million in debt financing. Investor Growth Capital joins previous investors BA Venture Partners, Vesbridge Partners and Coral Capital Management, who collectively invested $13 million in the first close of the round.

Picolight will use the latest round of investment to expand its operations, scale its manufacturing process to meet growing customer demand, and extend its 1310nm VCSEL products from 4 Gigabit fibre channel to 10 Gigabit Ethernet at long-reach over single-mode fiber. Picolight's revenues and bookings for the past 12 months doubled year-over-year as the company continued to strengthen its product offering and expand its customer base.

"The completion of this funding round combined with our increased sales performance positions us to invest in new technologies to meet the needs of our growingcustomer base and establishes us as a market leader for high-performing enterprise, storage area and metro network interconnect technology," said Steve Hane, Picolight's president and chief executive officer. "This funding round will take us well past our financial break-even goal as we continue to strongly support our customers with the best products to help move their business forward."

"Picolight has demonstrated strong momentum with increased revenues and customer traction and is a proven market leader in VCSEL technology and data communications applications for the enterprise, storage area and metro area networks," said Albert Kim of Investor Growth Capital, who joins Picolight's board of directors as a result of the investment. "Picolight's VCSEL technology expertise and product development in the optical marketplace are key attributes that will help drive the company's continued success and we are enthusiastic about its future prospects."

Picolight Inc.

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