4/7/00 Fiber-optic components maker Nu-Wave Photonics Inc. (Ottawa, ON, Canada) announced the completion of a US$40 million financing round.
Yorkton Securities Inc. and HSBC Securities (Canada) Inc. were the underwriters of the private placement, which was syndicated to a number of Canadian and U.S. institutional and private clients. Investors that had also participated in earlier financings include the VenGrowth Investment Fund Inc., the Business Development Bank of Canada, Ventures West, Bank of Montreal Capital Corp., and the Eastern Technology Seed Investment Fund.
Nu-Wave has designed and developed an architecture and fabrication process for large-scale integration of optical circuits for fiber-optic transmission systems.
Nu-Wave says it will use this financing to accelerate its rapid growth and development, to purchase the capital equipment necessary to continue advancing its technology, and to expand its operation by hiring additional technical and marketing personnel.