March 7, 2006 Santa Clara, CA -- Novera Optics, a developer of fiber-optic access devices, announced that it has received $7.4 million in funding to support its ongoing development of FTTX products and penetration into global markets. Enterprise Partners led the funding round, which also included existing investors Redpoint Ventures, Octane Capital Management, KTB Ventures, Meritech Capital Partners, and Saints Ventures.
"It is gratifying to receive continuous support from our investors," remarks Dr. Yoon Kim, CEO and founder of Novera Optics. "This new financing signifies the investment community's confidence in Novera's ability to provide exceptional, cutting-edge, cost-effective FTTX solutions."
Novera Optics says it last year delivered more than 50,000 lines of its wavelength division multiplexed (WMD) transport technologies to Korea Telecom (KT). The company says the products in the carrier's commercial deployment will be used in FTTH and FTTC applications.
"We are very pleased to have led this round of funding for Novera; they have certainly earned our trust over the years," comments Bill Stensrud, general partner of investment firm Enterprise Partners. "Novera has not only been able to survive the tough times in the telecom market, it has managed to re-emerge as a lean and innovative company offering one of the most exciting solutions in FTTX"
Novera also announced that it has moved from its former location in Palo Alto to larger offices in Santa Clara.