January 9, 2006 Ottawa, Canada -- BTI Photonic Systems, a global supplier of optical networking platforms for the build-out of "metro edge" broadband services, announced that it has closed on $12.25 million of Series C financing. According to a press release, the round was led by BDC Venture Capital, with GrowthWorks Canadian Fund as a new investor, and follow-on participation from existing investors Vengrowth Capital, Lucent Venture Partners, Kodiak Venture Partners, and BCE Capital.
The company says it will use the financing to enhance its operational growth, expand its market coverage, and deliver product enhancements, while continuing to work with partners to meet the needs of growing metro edge networks.
"With the exceptional economics that a photonic layer approach can bring to carriers, BTI is capitalizing on the shift in metro network spending to the edge," comments Les Lyall, senior vice president of GrowthWorks. "The company is well positioned to benefit from the broadband connectivity wave that is currently happening at the network edge."
"We are seeing a clear demand for our optical networking systems to help carriers offer broadband services such as IPTV, video-on-demand, and wireless access," adds Lance Laking, CEO of BTI Photonic Systems. "This round of financing allows us to properly position BTI in a market that is now recognizing the value of edge-optimized solutions. The Series C financing will also support our ongoing market expansion across North America and Asia."
"With carriers continuing to drive new broadband services, the metro WDM market is predicted to overtake "long hau" in 2006. Network solutions such as BTI's radically alter the economics of traditional approaches, and are well positioned for success as the market shifts," concludes Pat DiPietro, managing general partner at Vengrowth Capital.