CoreOptics closes $15-million Series C funding

20 November 2003 Nuremberg, Germany and Manchester, NH Lightwave -- CoreOptics Inc., manufacturer of 10- and 40-Gbit/sec Open Tolerant Transponders, has closed $15-million Series C funding from existing investors Crescendo Ventures, Techno Venture Management, High Tech Private Equity, and Atila Ventures/ETV.

20 November 2003 Nuremberg, Germany and Manchester, NH Lightwave -- CoreOptics Inc., manufacturer of 10- and 40-Gbit/sec Open Tolerant Transponders, has closed $15-million Series C funding from existing investors Crescendo Ventures, Techno Venture Management, High Tech Private Equity, and Atila Ventures/ETV.

"CoreOptics' achievement in raising funds in such a tough environment is a strong vote of confidence in the management team and the company's ability to execute on its business plan," asserts Ian Jenks, a Crescendo Partner and CoreOptics Chairman of the board.

According to CoreOptics, its advanced subsystem solutions enable equipment vendors and carriers to reduce overall capital and operating expenditures for next-generation optical networks while enhancing network applications such as bandwidth-on-demand, media streaming, and fast provisioning. The company's Open Tolerant Transponder platform will "unleash the full power of intelligent, dynamic optical networks," claim company representatives.

"This Series C funding will enable CoreOptics to accelerate the completion of its high performance ASICs and their incorporation into the Open Tolerant Transponder platform for deployment by our lead customers," adds Hamid Arabzadeh, president and chief operating officer at CoreOptics. "Furthermore, this additional funding enables us to develop new products based on CoreOptics' strong intellectual property in the equalization domain and secures the company's roadmap to achieve breakeven by mid 2005."

The company's product lines include 40-Gbit/sec and 10-Gbit/sec high performance transponder subsystems. CoreOptics' products are network-ready and fully meet carriers network reliability requirements.

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