Optinel Grabs $22.4M

Optinel Systems secures $22.4M Series B round of funding, led by Court Square Ventures, Teknoinvest and Birchmere Ventures

December 4, 2002

1 Min Read

ANAHEIM, Calif. -- Optinel Systems, a privately held provider of transport systems for the cable television industry, today announced that it has completed its Series B round of funding, totaling $22.4 million. The round was led by Court Square Ventures, Teknoinvest and Birchmere Ventures. SilverHaze Partners, Four Seasons Ventures, the Dinner Club and Isis Capital also participated in the financing round, along with existing Optinel investors, OCG Ventures and Novak Biddle Venture Partners. The funds will be used to expand Optinel’s first-to-market advantage in transport and optical network systems for the cable market by advancing the deployment of Optinel’s products. Randy Castleman of Court Square Ventures, Chuck Dietrick of Birchmere Ventures and Steve Morrell of Teknoinvest will be joining existing outside members of the Board of Directors, Alex Best, formerly of Cox Communications, Stephanie Rogers of OCG Ventures and Steve Fredrick of Novak Biddle Venture Partners.“The strong investor commitment we have received validates our business strategy,” said Jim Faust, CEO, Optinel Systems. “The support of our new and existing partners enhances our ability to meet the technology needs of cable operators. With our new financing, we will be able to continue our momentum among our customer base of major cable operators to provide technical and cost advantages to them, while enabling new revenue opportunities.”Optinel Systems

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