WaveSmith Networks secures $31 million in second round financing

WaveSmith Networks, an emerging company focused on multiservice switching for carriers, announced it has secured $31 million in second round financing with Fidelity Ventures as the lead investor. WaveSmith's A-round investors, Bessemer Venture Partners, Atlas Venture, and Commonwealth Capital also contributed to the company's second round.

The funding will be used to continue the development of the DN multiservice switching product family, as well as prepare for general availability in Q4 of 2001. The DN family is designed to help carriers sustain the growth of their legacy systems, and provide the means to leverage that infrastructure into next-generation IP/MPLS services. The DN family is built from the ground-up to provide carriers with the level of form factor, scalability, reliability, and IP/MPLS migration that cannot be achieved with today's multiservice technologies.

The company also plans to continue to expand the sales and support organizations on a national and global level.

About WaveSmith Networks:

WaveSmith Networks, based in Acton, MA, is focused on multiservice switching that enables carriers to build out their existing infrastructures by rapidly and more efficiently distributing optical core capacity with telephony-grade reliability. WaveSmith is targeting the growth of Regional Bell Operating Companies (RBOCs), Incumbent Local Exchange Carriers (ILECs), Interexchange Carriers (IXCs), Multiple System Operators (MSOs), and tier-1 Competitive Local Exchange Carriers (CLECs). For more information, visit www.wavesmithnetworks.com.