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July 11, 2002
BILLERICA, Mass. -- Continuum Photonics, Inc., an emerging leader in high-performance photonic subsystems and components, today announced it has closed on over $14 million in its Series B financing. New investors, Flagship Ventures and Prism Venture Partners, co-led the Series B investment round, with additional new equity participation from Harris & Harris. Series A investors Massachusetts Technology Development Corporation (MTDC), Gainesborough LLC, and private individuals also participated in the round. With the completion of the round, Steve Ricci and Robert Fleming, General Partners of Flagship and Prism, respectively, have joined Continuum’s Board of Directors.“We’re very excited about this infusion of capital and the broad-based company building experience our new investors bring,” commented Jeffrey Farmer, Continuum’s CEO. “Given the challenging market conditions and investment environment, this is a tremendous vote of confidence in our team, our technology and our ability to deliver.” “We looked long and hard at Continuum and were impressed from the start,” noted Steve Ricci, General Partner at Flagship Ventures. “ Continuum’s track record, unique technology, company culture and the quality of the team they’ve assembled, all point to great things in the future. In our opinion, they have the key elements required to be successful and we look forward to working with them as they move forward.” This financing provides Continuum with the funds required to continue executing on its development plan and to bring demonstration units to customers. Continuum Photonics’ initial product is a family of photonic switch subsystems that meet the critical needs of future dynamic optical networks: high performance, low loss and low cost in a scalable switching platform that is wavelength, bit-rate and protocol independent. Continuum Photonics Inc.
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