8 April 2003 Ottawa, Ontario Lightwave--Galazar Networks Inc., a privately held fabless semiconductor company, has closed its Series B financing, raising $22.7 million CDN in venture capital. The round involved both new and existing investors, including Skypoint Capital Corporation, VenGrowth Capital Partners, Katsura Investments, Desjardins Venture Capital Group, RBC Capital Partners, and Goldman Sachs. The funds will be used to further expand sales, marketing and product distribution efforts, and to support additional product development.
"Attracting such a strong mix of high-quality investors is a testament to the strength of Galazar's performance and ability to deliver industry-leading products such as the MSF250 and Ethernet-over-SONET/SDH products which are shipping to customers this quarter," contends Richard Deboer, chief executive officer, Galazar Networks. "This financing will enable us to further strengthen strategic relationships with top-tier customers, to expand our distribution channels, and to accelerate the roll out of our broadening product portfolio."
Galazar Networks' product portfolio of carrier-grade semiconductors for multi-service, Ethernet and data service framers enable communications equipment vendors to develop networking products that will drive down the deployment costs of Ethernet and legacy access services, say company representatives. Galazar's flagship product, the MSF250 multi-service framer, addresses the growing market for carrier equipment that delivers existing and next-generation services to enterprises, without the need for costly central office investments or upgrades.
This latest round of funding brings the total raised by Galazar Networks to more than $33 million CDN.