Solinet Systems closes $93 million financing round

May 31, 2001
May 31, 2001--Solinet Systems, a developer of innovative solutions for the next generation of core optical networks, announced the successful completion of a $93 million round of venture financing.

Solinet Systems, a developer of innovative solutions for the next generation of core optical networks, announced the successful completion of a $93 million ($144M Cdn) round of venture financing. U.S. Venture Partners (USVP) led this round, which ranks as Canada's largest private equity infusion into a telecommunications company, according to Macdonald and Associates of Toronto. This brings the total venture capital raised by the company to $108 million ($167M Cdn) in less than 12 months of operation.

This funding will allow Solinet to complete its product development, bringing to market Solinet's innovative core network solution. It will also allow Solinet to expand operations, marketing and customer service capabilities.

Along with strong participation by all first round investors, Bessemer Venture Partners, Worldview Technology Partners and Altamira (www.altamira.com), key new investors in this round include USVP, New Enterprise Associates (NEA), Alta Partners and a number of strategic optical and semiconductor component suppliers.

Steve Krausz, General Partner at USVP will join the Solinet Systems Board of Directors along with existing members, Scott Marshall, Solinet President & CEO, Hanan Anis, Solinet CTO & Co-Founder, Rob Soni, Managing Partner at Bessemer Venture Partners and John Boyle, General Partner at Worldview Technology Partners.

About Solinet Systems:

Founded in May of 2000, Solinet Systems is a private company headquartered in Ottawa, Canada. Solinet delivers network solutions that enable service providers to realize cost effective, all optical core networks. For more information, visit www.solinetsystems.com

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