CyOptics closes $27M Series F financing
October 6, 2005 Lehigh Valley, PA -- CyOptics, a supplier of high-speed optical chips and components for broadband communication platforms, announced the closing of its $27 million Series F funding round. The company says the round financed its recent acquisition and integration of TriQuint Semiconductor's optoelectronics division.
October 6, 2005 Lehigh Valley, PA -- CyOptics, a supplier of high-speed optical chips and components for broadband communication platforms, announced the closing of its $27 million Series F funding round with a $3 million investment from Birchmere Ventures. Birchmere joins prior investors JVP, Sprout Group, TowerBrook Capital Partners, and Eurofund, which collectively invested $16.5 million in the company's April 1, 2005 closing. The round also included $7.5 million in debt financing from Comerica Bank.
CyOptics says the round financed its recent acquisition and integration of TriQuint Semiconductor's optoelectronics division.
"We looked at dozens of optical companies with exciting technology at the height of the telecom bubble, but shied away from the sector because we couldn't reliably discern the likely winners," explains Sean Sebastian, a Birchmere partner and new CyOptics board member. "Now with the nascent sector recovery under way and manufacturing consolidation, we're confident CyOptics will continue to widen its established lead in the market."
"The integration of the optical business acquired from TriQuint has gone extremely well," adds Ed Coringrato, president and CEO of CyOptics. "Our revenue is continuing to grow quarter over quarter as are our product offers and customer base. We are very pleased to have Birchmere Ventures join our investor group and look forward to working with them in continuing to grow and diversify our business."
