OTTAWA -- Metconnex, a supplier of integrated optical modules that enable reconfigurable optical networks, today announced the successful completion of a $10.6 million (US$8.2 million) Series A round financing. Co-led by St. Paul Venture Capital and Skypoint Capital, the oversubscribed round also includes Innovacom, BDC Venture Capital and the company’s founders. The investment will be used to launch Metconnex’s family of optical modules, expand its development, marketing and sales teams, and deepen its relationships with outsourced manufacturing partners.
“Attracting tier one investors from the US, Europe and Canada in the face of improving but still challenging market conditions has further validated Metconnex’s winning business plan,” said Thomas Ducellier, chief executive and technical officer. “Our team has developed products that deliver unique advantages, and our timing is in lock step with signs of renewed growth in the optical market.”
Metconnex’s wavelength switching technology delivers products that are more cost effective, smaller in size and significantly more scalable than existing alternatives. Metconnex’s products will address the needs of the metro, long haul and access markets, initially targeting the growing metro segment.
“We continue to be excited about Metconnex. Their product development progress and customer endorsements gained since our seed investment have been excellent.” added Louis Desmarais, General Partner, Skypoint Capital. “The company is well timed to meet the emerging market demand driven by the need for more cost effective, reconfigurable networks.”
Bill Cadogan, General Partner of St. Paul Venture Capital, stated, "Companies with the right combination of vision, talent and products that help solve the problems service providers face today, will continue to obtain funding. Metconnex’s products will set a new standard in cost, capability and size as evidenced by their traction with the service providers and systems and subsystem suppliers."
As part of this round, Frédéric Veyssière, General Partner of Innovacom and Bill Cadogan, General Partner of St. Paul Venture Capital have joined Metconnex’s board of directors.
Metconnex