Optillion banks Series C investment of $15 million
October 30, 2002--Optillion, developer of fiber-optic transceiver technology, announced today that it has concluded its Series C financing round, raising an additional $15 million.
Optillion, developer of fiber-optic transceiver technology, announced today that it has concluded its Series C financing round, raising an additional $15 million. Led by Crescendo Ventures, Cisco Systems, ITACT, and Investor AB via Investor Growth Capital, its venture capital company, the latest round brings the total venture financing raised by Optillion to $70 million during the past two years. All four investors participated in Series B, and ITACT, a Swedish venture capital firm, provided Optillion's seed funding.
"We continue to invest in Optillion because of the company's strong technical and commercial positioning in the market," explains Roeland Boonstoppel, general partner at Crescendo Ventures. "Optillion's management has demonstrated the ability to execute to their business plan, and adjust that plan to the current market conditions. As a result, we believe the company will be successful going forward, and we want to be a partner in that success."
The Series C investment will be used to ramp production of Optillion's current 10-Gbit/sec transceiver products and to support product development, marketing, and sales. In conjunction with the new funding and in line with current market conditions, Optillion will make some adjustments to its organization, including a reduction in workforce.
For more information about Optillion (Stockholm, Sweden), visit the company's Web site at www.Optillion.com.