Village Networks Has $40M 2nd Round

Led by Spectrum Equity Investors; Geocapital Partners, Acappella Partners, and S.A.C. Capital Associates also participating

October 16, 2000

1 Min Read

EATONTOWN, N.J. -- Village NetworksTM, the first equipment provider to offer true integration of IP and optical networking in a single optical packet node, today announced that it has secured $40 million in a second round of funding from both financial and strategic investors. In a separate press release, the company also announced its breakthrough technology called Optical Flow NetworkingTM. (Please see Village Networks’ related announcement on Optical Flow Networking.)

The investment is being led by Spectrum Equity Investors, a leading venture capital firm focused on the communications industry. Geocapital Partners, which led Village Networks’ original funding, and other initial investors Acappella Partners and S.A.C. Capital Associates, are also participating. Other new investors include Global Crossing Ventures, the venture arm of Global Crossing (NASDAQ:GBLX), which is building and operating the world’s most extensive global IP-based fiber optic network; The Goldman Sachs Group, Inc. (NYSE:GS), a leading global investment banking and securities firm; Intel Capital, the corporate venture capital group of Intel Corporation; and PCG Ventures, the venture division of investment company Pacific Capital Group, which also originally funded Global Crossing. Completion of this round raises Village Networks’ total equity financing to more than $50 million. William P. Collatos, co-founder and managing general partner of Spectrum Equity Investors, will join Village Networks’ Board of Directors.

“Village Networks has already demonstrated its ability to design and deliver a breakthrough networking product; now, with Optical Flow Networking, they are on track again to be the first to deliver another breakthrough technology,” said William P. Collatos, of Spectrum Equity Investors. “We look forward to supporting Village Networks in its quest to establish pre-eminence in this extremely attractive sector of the networked economy.”

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