October 21, 2002--WaveSmith Networks, an emerging company focused on multi-service switching for carriers, announced that it has closed a $30 million third round of financing, bringing the company's total amount raised to $84.5 million.
New investors in the round include Argonaut Private Equity and CIENA Corp. First and second round investors, Atlas Venture, Bessemer Venture Partners, Commonwealth
Capital, and Fidelity Ventures, also participated in this latest round.
In a second announcement, CIENA and WaveSmith have entered into a worldwide reseller agreement that gives CIENA the ability to market, sell, and support WaveSmith's Distributed Node (DN) multi-service switch product family into tier one service provider accounts. CIENA will furnish first level 7x24 support for WaveSmith's products via its network of technical assistance centers. The partnership gives WaveSmith a worldwide sales presence and the ability to further penetrate the large carrier accounts.
WaveSmith's latest round of financing will allow it to continue to scale sales, support and manufacturing, while at the same time grow the development team to continue to meet customer demands.
WaveSmith's DN multi-service platform is the first scalable product line that combines ATM, Frame Relay, TDM/Circuit Emulation Services (TDM/CES), and IP/Multi-protocol Label Switching (IP/MPLS) services in an ultra-compact form factor with telephony-grade reliability. The DN's architecture supports any mix of multi-service edge and core networking technologies, enabling a migration that leverages existing infrastructure without a forklift upgrade. The DN increases today's service capacity at low cost and allows carriers to cap their legacy investment without disrupting services or overhauling the network. The DN 2100 and DN 4100 are optimized for remote edge and medium density edge applications while the DN 7100 is geared towards central office switching.
For more information about WaveSmith Networks (Acton, MA), visit the company's website www.wavesmithnetworks.com.