Continuum Photonics closes $17.5 million in oversubscribed round of financing
April 6, 2004 Billerica, MA--Continuum Photonics Inc., a provider of high-performance optical switches for the optical automation systems and telecommunications markets, today announced it has closed an additional round of over $17.5 million in its Series C financing.
April 6, 2004 Billerica, MA--Continuum Photonics, a provider of high-performance optical switches for the optical automation systems and telecommunications markets, today announced it has closed an additional round of over $17.5 million in its Series C financing. A new investor, JK&B Capital, led the oversubscribed round, with significant participation from additional new investor, Boston Millennia Partners. Prior investors Prism Venture Partners, Flagship Ventures, Harris & Harris Group, Gainesborough LLC, and private individuals also participated in the round. With the completion of this latest financing, Al DaValle, Partner of JK&B Capital has joined Continuum's Board of Directors.
"Continuum has made significant progress in serving our growing base of world-class customers," said Jeffrey Farmer, chief executive of Continuum. "This round allows us to move aggressively in providing the products that our customers are demanding. Given the general market conditions that exist today, the financing is a very strong validation of our unique team and technology."
"Continuum's disruptive technology, world-class team, and strong customer traction make for a uniquely compelling investment opportunity," said Al DaValle, partner at JK&B Capital. "We believe Continuum is uniquely qualified to be the dominate supplier in its markets and are excited to play a key role in the company's ongoing success."
"Flagship and Prism as well as Continuum's other investors welcome these strong new additions to our financing team," noted Steve Ricci, managing director and vice chairman at Flagship Ventures. "This funding positions Continuum as one of the best-financed in its sector and is clearly a reflection of the company's potential to be a market leader."
Continuum recently announced the commercial release of its DirectLight IG optical switch, the first in a family of products utilizing its patented beam-steering technology. DirectLight IG can be easily integrated with optical test equipment, enabling automated test processes, minimizing capital and operational expenses. Unique in the market, DirectLight IG combines an instrumentation grade optical switch with built-in programmable optical attenuation and output power monitoring all in one cost effective platform. DirectLight IG is ideal for applications in manufacturing production, lab environments, component and system development, network monitoring, intrusion detection and other applications.
"In Continuum we found a rare company that combines all of the business and technology ingredients needed for success in today's volatile marketplace," observed Jean-Yves Lagarde, partner, Boston Millennia Partners. "Continuum's management team has developed a company with a long-term sustainable advantage by effectively utilizing its highly differentiated technology and focusing on the most critical needs of its broad base of customers in a multitude of markets."