LaserBit Scores $7M

BUDAPEST -- LaserBit Communications Corporation, developer and manufacturer of laser-based, free-space optical (FSO) communications equipment, today announced successful completion of its third round of investment funding. The consortium led by 3TS Venture Partners, totalling over US$7M, consists of further investment from previous investors the Hungarian Innovative Technologies Fund, Intel Capital, Sandler Capital, and Technologieholding CEE Fund, as well as a further injection from new investor EBRD (please see below for investor details).

LaserBit’s business has grown over the last twelve months. Sales have more than doubled, three major new product ranges were launched, and overall efficiency improved through the successful implementation of a strong channel distribution strategy; all in a market characterised by uncertain conditions and a growing trend towards consolidation.

LaserBit will deploy the funds to accelerate further its continuing growth. Targeted investment will be made in the expansion of LaserBit’s manufacturing capacity, the continued development of the FSO market-leading products through added investment in R&D, and the expansion of the company’s worldwide distribution network and Business Partner Program.

Responsible for securing the funding, and for overseeing the remarkable performance since he joined from Avaya last year, was E. Walter Koenig III, LaserBit’s President & CEO. He says:

“The venture capital market has been extremely challenging over the last several quarters. This is especially true in the technology and telecommunications sectors. We’re pleased that we’ve been able to secure significant capital funding at this time given that few FSO companies in the world have received significant venture capital this year.”

LaserBit’s founding CEO and current Chairman Béla Gyõri says:

“The potential of the Hungarian technology industry is vast. This is the key reason I returned to the land of my birth to establish the company here.”

Free space optical (FSO) technology is an increasingly popular choice for broadband, point to point connectivity needs and is seen as an alternative to radio masts as a means of data transmission. LaserBit’s modern FSO solutions include full support of E1, E2, E3, 10 and 100 base T, 155Mbs ATM. A Gigabit Ethernet solution will be launched in the very near future. Laser technology can deliver transmission speeds ranging from 1.544 to 155Mbps, including 10Mbps and 100Mbps Ethernet Protocol.

From an uncertain debut on the market more than five years ago, laser technology has improved dramatically; it now represents excellent, reliable technology with unrivalled return on investment. Its use is increasingly commonplace across a variety of commercial industry sectors, as well as education, healthcare and the military.

LaserBit Communications Corp.