Phaethon Adds Bucks, Board Members

FREMONT, Calif. -- Phaethon Communications, an innovator in photonics technology, today announced that it has closed a Series B investment round totaling $22.1 million, led by The Goldman Sachs Group Inc. and its affiliates along with Cisco Systems Inc., Mohr, Davidow Ventures (MDV) and The Photonics Fund. Phaethon plans to use this capital to increase its investment in engineering, sales and marketing and to build it's manufacturing facilities.

"We're very pleased with the quality of our investors and with what their support can bring to Phaethon's product development cycle," said Gary Cuccio, chief executive officer and president of Phaethon. "Both Goldman Sachs and Cisco were attracted to the importance of our dispersion compensation solutions and the remarkable success we've already demonstrated within an extremely short time. As we prepare to launch our first products commercially in 2001, this new funding will fuel our next round of growth, including manufacturing capabilities."

In a separate release:

Phaethon Communications, an innovator in photonics technology, today announced that it has added two new members to its board of directors, in conjunction with its Series B funding round also announced today (please see separate news release on this $22.1 million investment round). The addition of Jeff Thermond, former CEO of Epigram and now a Broadcom executive, and John Malone, CEO of the Eastern Management Group consulting firm, brings important industry perspective to an already strong board that includes Jon Feiber, general managing partner at Mohr, Davidow Ventures; Randy Strahan, venture partner at Mohr, Davidow Ventures; and Catherine Pierson Lego, managing partner of The Photonics Fund.

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