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Press
Release
July 23, 2004 - Wave7 Optics Announces $6M in Additional Funding
ALPHARETTA, GA – July 23, 2004 -- Wave7 Optics, an industry
leader in active and passive Ethernet- and IP-based FTTP (fiber to the premises)
network equipment, today announced an additional $6M in funding, raising their
total amount of venture capital investment to $68.5M. The additional funding
comes on a pro-rata basis 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 a compelling value proposition for the FTTP sector, as demonstrated
by the fact that they now have more than 30 network operator customers around
the world,” said Robert (Robin) Bellas, General Partner, Morgenthaler Ventures.
“A very healthy backlog of orders and solid visibility through 2005 make this a
sound investment for us.”
“It's an exciting and positive endorsement of the company that all of our
existing investors participated in the round on a full pro-rata basis,” said Tom
Tighe, President & CEO, Wave7 Optics. “We have substantial cash reserves, but
thought it was best for our growing business to raise this money in order to
give management more freedom to focus on our industry-leading growth curve for
FTTP network systems. Furthermore, we are expecting another investment later
this year, in the October time frame, from an outside investor.”
Wave7 Optics pioneered the first intelligent PON (passive optical network) FTTP
system, which is effectively a generation ahead of comparable FTTP technologies
in both cost and capability. In addition to their Ethernet and IP expertise, the
company has a significant stake in the ATM-based FTTP market sector, as
illustrated by Hitachi Telecom’s selection of Wave7 as a co-development partner
for the new Hitachi AMN1200 product family, which meets the FSAN (Full Service
Access Network consortium) BPON (broadband passive optical network)
specification.
Wave7 Optics also recently announced new customers in the U.S. and Australia and
new products which effectively create a new class of service called “advanced
FTTC” (fiber to the curb), which lowers the cost and improves FTTP performance
for multiple-dwelling and multiple-tenant building applications.
About Wave7 Optics
Wave7 Optics, Inc. is a market leader in FTTP systems for “triple play”
services, with customers around the world in the IOC, CLEC, MSO, municipal, real
estate development and utility sectors. The company's “Last Mile Link” optical
access system effectively overcomes the deployment and operational cost barriers
that have to date stymied the deployment of optical broadband systems. Wave7’s
Last Mile Core transport and Last Mile Gateway subscriber premises products
provide advanced “carrier class” QoS and Layer 3 intelligence at the network
edge. The Last Mile Link offers service providers a particular advantage with
regards to video in that it is the only platform that supports upstream RF
return signals and readily accommodates HDTV.
For more information please contact emmanuel.vella@w7optics.com.
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