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Press
Release
September 8, 2003 - Wave7 Optics Adds $15M in Series C Funding
Company to use funds primarily to support international sales
and service
ALPHARETTA, GA – September 8, 2003 -- Wave7 Optics today announced the closing
of an additional $15M to their Series C funding round bringing the total dollars
invested to date in the C round to $30.5M. The company had previously announced
a $15.5 million first stage Series C funding. The additional funding is coming
exclusively from the company’s six current investors: Advanced Technology
Ventures, Armada Venture Group, Lucent Venture Partners, Mellon Ventures, Morgenthaler Ventures and Oak Investment Partners.
“Wave7 has established itself as a leader in the fiber optic access market in
North America. We have successfully deployed our Last Mile Link system in all
major market segments – with now more than two dozen customers in the ILEC, CLEC,
MSO, utility-owned network, and municipality sectors,” said Tom Tighe, President
& CEO, Wave7 Optics. “This additional funding will enable continued growth in
these domestic market segments and will allow us to meet some critical near-term
needs for international expansion based on significant customer demand.”
Wave7 Optics pioneered the first intelligent PON (passive optical network)
system, which is effectively a generation ahead of comparable PON technologies
in both cost and capability. The IP- (Internet Protocol) and Ethernet-standards
based Last Mile Link product suite provides a "triple play" of voice, video and
very high-speed data services to residential, business and multi-tenant or
multi-dwelling building customers. The Last Mile Link is the only optical access
system being shipped to customers today that truly provides interactive RF
video, supporting both upstream and downstream signals through Wave7 Optics
patent pending RF return technology.
“As a company Wave7 Optics has set the mark for bandwidth capacity, video
delivery flexibility, and QoS capability that others are shooting for,” said
Emmanuel Vella, Chief Marketing Officer, Wave7 Optics.
About Wave7 Optics
Wave7 Optics, Inc. is a market leader in the fiber-to-the-home and business (FTTX)
optical access market. The company's Last Mile Link "active PON" optical access
system effectively overcomes the cost and implementation barriers that have to
date stymied the deployment of FTTX systems. The company has been named a "Hot
Start Up" company for 2003 by two of the world's leading trade journals --
America's Network and Telecommunications. Additional information about Wave7
Optics is available on the web at www.wave7optics.com or by contacting Emmanuel
Vella at emmanuel.vella@w7optics.com.
For more information please contact emmanuel.vella@w7optics.com.
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