GPON developer FlexLight Networks raises $17 million in third round funding

16 July 2003 Atlanta, GA Lightwave -- FlexLight Networks Inc., developer of Gigabit Passive Optical Networking (GPON) solutions for the last mile, today announced it has raised $17 million in its third round of venture capital funding.

16 July 2003 Atlanta, GA Lightwave -- FlexLight Networks Inc., developer of Gigabit Passive Optical Networking (GPON) solutions for the last mile, today announced it has raised $17 million in its third round of venture capital funding. The Series C financing secures new outside investment from St. Paul Venture Capital, Accel Partners, and Applied Materials Ventures, in addition to continued investment support from existing investors Concord Ventures and Coral Ventures.

The company also announced the appointment of Bill Cadogan, general partner with St. Paul Venture Capita; Joe Golden, general partner with Accel Partners; and Fahri Diner, general partner with Applied Materials Ventures, to FlexLight's Board of Directors.

"FlexLight's innovative technology provides a robust and scalable platform for overcoming bandwidth bottlenecks in the last mile," contends Bill Cadogan of St. Paul Venture Capital. "This, combined with the cost savings the solution offers, will prove to be a highly compelling proposition to operators and service providers."

FlexLight's Optimate suite of GPON products is currently in trials and deployment with large service provider customers around the world. The products are based on the new ITU-T GPON standards known as G.984.x and economically deliver Ethernet and TDM access solutions for Fiber-to-the Building (FTTB) applications traditionally served by SONET / SDH or point-to-point fiber solutions.

The Passive Optical Network Equipment market is estimated to reach over $1 billion in 2004, according to CIBC World Markets estimates. A recent report from Probe Group LLC states that 80% of global PON equipment revenues through 2008 will be for FTTB deployments.

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