Wave7 Optics today announced an additional $6M in funding, raising their total amount of venture capital investment to $68.5M
July 23, 2004
ALPHARETTA, Ga. -- Wave7 Optics, an industry leader in active and passive Ethernet- and IP-based FTTP (fiber to the premises) network equipment, today announced an additional $6M in funding, raising their total amount of venture capital investment to $68.5M. The additional funding comes on a pro-rata basis from the company’s six current investors: Advanced Technology Partners, Armada Venture Partners, Lucent Venture Partners, Mellon Ventures, Morgenthaler Ventures and Oak Investment Partners.
“Wave7 has a compelling value proposition for the FTTP sector, as demonstrated by the fact that they now have more than 30 network operator customers around the world,” said Robert (Robin) Bellas, General Partner, Morgenthaler Ventures. “A very healthy backlog of orders and solid visibility through 2005 make this a sound investment for us.”
“It's an exciting and positive endorsement of the company that all of our existing investors participated in the round on a full pro-rata basis,” said Tom Tighe, President & CEO, Wave7 Optics. “We have substantial cash reserves, but thought it was best for our growing business to raise this money in order to give management more freedom to focus on our industry-leading growth curve for FTTP network systems. Furthermore, we are expecting another investment later this year, in the October time frame, from an outside investor.”
Wave7 Optics Inc.
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