FEBRUARY 20, 2007 -- ColorChip (search for ColorChip), a manufacturer of glass-based planer lightwave circuit (PLC) chips and modules for FTTH networks, has completed a $7.4 million funding led by Vertex Venture Capital. Vertex joined existing investors including Bessemer, Eurofund , Motorola , Polytechnos, and Walden Israel Venture Capital.
According to Moshe Price, CEO of ColorChip, the proceeds will enable the company to move from the product qualification phase to mass manufacturing to accommodate the strong FTTH market demands in the U.S, Japan, Asia Pacific, and recently Europe. It will be also used for introducing new products targeting additional applications.
Moty Ben-Arie, managing partner at Vertex Venture Capital says, "The evolvement of the telecommunication and data communication environment creates demand for new optical components that enable high bandwidth with relatively low cost. ColorChip's distinctive technology is an excellent platform for such components. We have strong faith in the company and its potential to seize a major share of the market."
Price comments, "We are happy to have Moty Ben-Arie on our board as we value his experience and appreciate his contribution. We are confident that Vertex, with their strong relationships in Asia, will help us further penetrate the Asian markets."
The company has recently launched its Meteor II FTTx SOG (silicon on glass) Transceivers for optical network terminals (ONT/ONU) for GPON and EPON, which customers are currently sampling. ColorChip has also released the "Spark" product family of high-performance PLC splitters mainly to the FTTx, CATV, and analog and digital PONs markets.