8 July 2003 Ottawa, Canada Lightwave--Intelligent Photonics Control Corp., a provider of system-on-a-chip controllers for optical devices, announced that it secured US $10.1 million in second round venture financing on June 30, 2003. This funding is intended to bring the company to profitability.
CDP Capital - Technology Ventures lead the second round of financing. "Photonics Control is the only company in their space to deliver a complete control system for optical components on a single chip" said François Cordeau, senior partner at CDP Capital - Technology Ventures. "Their ability to bring that product to market in less than a year is a remarkable technical achievement, and we are confident that they will maintain their lead position."
The new funding will be used to generate additional sales with Tier 1 customers, and accelerate product development, marketing, and customer support activities as the company expands its global market presence.
In addition to CDP Capital - Technology Ventures, all of Photonics Control's first round investors participated in the second round--Ventures West, Novacap, Business Development Bank of Canada, and SpringBank TechVentures.
"From the company's inception, we recognized their potential to change the industry," commented Ted Anderson, chairman of Photonics Control's Board of Directors, and senior vice president at Ventures West. "They replace expensive custom electronics with standard chip products, and provide the key control functionality necessary to enable cost-effective intelligent optical networks. This is a winning combination that will ensure that they will dominate the rapidly expanding market for controls."
As a result of the financing, François Cordeau of CDP Capital will join the Board of Directors. This round brings the total investment to date to US $15.7 million.
