Wave7 Optics adds $15 million in funding, targets international expansion
9 September 2003 Alpharetta, GA Lightwave-- Wave7 Optics announced the closing of an additional $15 million to their Series C funding round bringing the total dollars invested to date in the C round to $30.5 million.
9 September 2003 Alpharetta, GA Lightwave-- Wave7 Optics announced the closing of an additional $15 million to their Series C funding round bringing the total dollars invested to date in the C round to $30.5 million. The company had previously announced a $15.5 million first stage Series C funding. The additional funding is coming exclusively from the company's six current investors: Advanced Technology Partners, Armada Venture Partners, Lucent Venture Partners, Mellon Ventures, Morgenthaler Ventures and Oak Investment Partners.
"Wave7 has established itself as a leader in the fiber-optic access market in North America. We have successfully deployed our Last Mile Link system in all major market segments - with now more than two dozen customers in the ILEC, CLEC, MSO, utility-owned network, and municipality sectors," said Tom Tighe, president and chief executive officer, Wave7 Optics. "This additional funding will enable continued growth in these domestic market segments and will allow us to meet some critical near-term needs for international expansion based on significant customer demand."
Wave7 Optics pioneered IP- and Ethernet-standards based passive optical networking products can support voice, video and very high-speed data services to residential, business, and multi-tenant or multi-dwelling building customers. The Last Mile Link is the only optical access system being shipped to customers today that truly provides interactive RF video, supporting both upstream and downstream signals through Wave7 Optics patent pending RF return technology.