May 1, 2005 Cork, Ireland -- Firecomms, a developer of photonics communications devices supporting the use of plastic optical fiber in FTTH applications, announced that it has closed a €9.6 million investment deal with new and existing shareholders.
According to a press release, two new investors have joined the company: ACT Venture Capital of Dublin and Alps Electric North America, a strategic investor and key customer of Firecomms'. Atlantic Bridge Ventures, the company's anchor investor since its foundation, also invested in the latest round of financing.
"Firecomms' revolutionary semiconductor light sources open a wide spectrum of applications in which Alps has significant interest," comments Steve Runnion, CEO of Alps Electric North America.
"We are excited to be involved with Firecomms at this time as the company builds on its technology lead with major customers in networking and sensing applications," adds John O'Sullivan, partner at ACT Venture Capital.
Firecomms says the investment will allow it to increase production of its proprietary semiconductor VCSEL devices, and of its recently released fiber-optic devices, which include high-speed fiber optic transceivers used in consumer devices and networks, as well as an automotive-grade fiber-optic transceiver for use in in-car infotainment systems. The company says the funding will also support expansion of its product line, sales and marketing fulfillment, and support activities throughout its markets in Europe, Japan, and the U.S.
"We are delighted with the progress Firecomms continues to make with strategic customers particularly in high-volume consumer and automotive markets," remarks Brian Long, CEO of Atlantic Bridge Ventures. "We believe the company's unique optical technology combined with its experienced management team positions it for very significant growth in the next few years."
"We're delighted to have such solid resources behind the company," concludes Declan O'Mahoney Firecomms' CEO. "This additional funding and new investors will enable us to take advantage of many high revenue opportunities in the giant consumer electronics and automotive markets."