September 12, 2005 Atlanta, GA -- Wave7 Optics, a supplier of FTTP equipment for residential and business services, today announced $18 million in additional funding. $15 million of the new funding comes from the company's existing investor group of Advanced Technology Ventures, Armada Venture Group, Lucent Venture Partners, Mellon Ventures, Morgenthaler Ventures, and Oak Investment Partners. $3 million comes from new investor Ballast Point Ventures, a venture capital firm affiliated with Raymond James Financial, Inc.
The company says the new investments bring its current venture capital funding to $86.5 million.
"We have the strongest investment syndicate in the industry, and their support to date obviously has helped us secure a significant market share worldwide with our Last Mile Link family of FTTP products," comments Tom Tighe, CEO of Wave7 Optics. "Their continuing support and our healthy revenue stream will aid in the further development of the Last Mile Link, and the progress we are making with our soon-to-be-announced next-generation FTTP platform."
The company says it will also use the funds to augment its global sales, marketing, and customer support teams.
"Wave7 has made impressive gains in the last couple of years, and we see them becoming a global leader in FTTP over the next 18 months," concludes Robert Bellas, general partner at Morgenthaler Ventures. "Worldwide customer engagements, a healthy backlog of orders, and a technology platform that will leapfrog the competition make for a healthy and dynamic company and a compelling investment proposition."