Fourth member of the Iris Group of optical startups will focus on core packet switching systems

February 5, 2001

1 Min Read

TINTON FALLS, N.J. -- Coree Networks, Inc., an optical networking startup developing next-generation core backbone switching systems, has raised $30 million in its first round of venture funding. Founded by former executives of Lucent Technologies and Monterey Networks and a prominent academic network researcher, Coree is a member of the Iris Group, a four- company group of optical networking startups cooperating on a new end-to-end network architecture designed to provide unprecedented scalability for the data-centric optical networks being built by telecommunications carriers.

The company's first-round financing comes from the venture firms Mayfield Fund, Sevin Rosen Funds, LightSpeed Ventures and Hook Partners. The four firms are also first-round investors in the three other Iris Group members: Metera Networks (access/metro systems), Latus Lightworks (backbone systems) and Iris Labs (intellectual property and network management provider for the Iris Group equipment companies).

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