Optical networking components developer Lumera Corporation, a subsidiary of Microvision, Inc. (Nasdaq:MVIS), announced it will complete a $24 million round of financing led by Cisco Systems, Inc.
Lumera is developing active and passive components for optical networks that are expected to deliver increased bandwidth at competitive costs while requiring less power than current devices. The company states that its technology also sets the stage for integrated optical systems-on-a-chip. Lumera's component development is based on proprietary electro-optic polymer materials developed by the company and its research partners at the University of Washington.
This round of financing marks the first investment in Lumera by investors outside of Microvision, which has provided seed financing for the subsidiary since its inception. The company will use the proceeds to continue its research and development activities and to begin commercializing its technology beginning as early as mid-2002.
In addition to Cisco, investors in the round include The Barksdale Group; Acorn Ventures; WRF Capital; former CEO of XO Communications and Lumera board member Wayne Perry; Qualcomm co-founder and former Vice Chairman Andrew Viterbi; Microvision board member Margaret Elardi; and a group of Northwest investors.
"We intend to be the first company to successfully commercialize polymer-based electro-optic devices that we believe can ultimately redefine performance and cost in the space," said Lumera Chairman William Owens.
Lumera plans to market its high performance optical components to providers of optical networking systems equipment. The company expects to make prototype devices available to customers for testing during 2001 with commercial production scheduled to begin during 2002. Prototype devices based on materials developed by Lumera's research team have already achieved record-setting bandwidth (in excess of 100 GHz) and operating voltages (below 1 volt) in demonstrations at commercial and government research labs.
Headquartered in Bothell, Wash., Microvision, Inc. is the developer of the patented retinal scanning display technology and provider of micro miniature optical scanning technology for display and imaging applications. The company's technology has application in a broad range of military, medical, industrial, professional and consumer information products. For more information, visit www.mvis.com and www.lumera.com.