WaveSmith Networks, a provider of optical networking solutions for the telecommunications industry, announced that it has closed a venture (or subordinated) debt financing round totaling $12 million from Comdisco Ventures, GATX Ventures, and Silicon Valley Bank. This brings the total amount of funds raised for WaveSmith to $23.5 million since its inception six months ago.
WaveSmith's venture debt round, which comes on the heels of the company's first venture capital round of $11.5 million from Atlas Ventures, Bessemer Venture Partners, and Commonwealth Capital, provides additional working capital to continue recruiting professionals in sales, marketing, engineering, and operations. Most importantly, it allows WaveSmith to drive product development further to maximize value for future rounds of funding.
About WaveSmith Networks:
WaveSmith Networks is a venture-funded startup in Acton, MA building optical networking equipment that enables rapid deployment of services and consolidation of provisioning and management of telecommunications networks.