Wave7 raises total of $23 million in second round of funding

February 27, 2002

1 Min Read

ALPHARETTA, Ga. -- Wave7 Optics, Inc., an innovative developer of optical access equipment for the fiber-to-the-home and business (FTTX) market, today announced that is has raised a second round of funding totaling $23 million, bringing the company's total funds raised to $32 million. Advanced Technology Ventures led the Series B round with new investors Mellon Ventures and Armada Venture Partners, while founding investors Morgenthaler and Lucent Venture Partners also participated in the round. Additionally, Jack Harrington, general partner of Advanced Technology Ventures, will join the Wave7 board of directors. Wave7 is developing a high-bandwidth, dynamically provisionable, optical access system to address the "last mile" of broadband Internet connectivity, a market projected to reach $3.8 billion by 2004. Wave7's first suite of optical access products, Last Mile Link(TM) effectively eliminates the current cost and implementation barriers faced by network operators in deploying Fiber-to-the-Home (FTTH) and Fiber-to-the-Business (FTTB) solutions. "We are very excited to bring Advanced Technology Ventures, Mellon Ventures and Armada Ventures into the Wave7 Optics team, and the continued participation of our existing partners at Morgenthaler and Lucent Venture Partners is a very solid endorsement of our technical approach and our management team," said Thomas Tighe, Wave7 CEO and president. "This new round of funding will enable Wave7 to move its recently introduced Last Mile Link suite of optical access products into the market, supporting the field trial activity and full network deployment currently underway." Wave7 Optics Inc.

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