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Press
Release
September 12, 2005 - Wave7
Optics Adds $18M in Funding. Additional Resources Will Secure
Company's Continuing Leadership
in Hot FTTP Marketplace
ATLANTA - September 12, 2005 - Wave7 Optics Inc., a leading supplier of
fiber-to-the-premises (FTTP) equipment for residential and business services,
today announced $18M in additional funding -- $15M from their existing investor
group of Advanced Technology Ventures, Armada Venture Group, Lucent Venture
Partners, Mellon Ventures, Morgenthaler Ventures and Oak Investment Partners and
$3M from new investor, Ballast Point Ventures, a venture capital firm affiliated
with Raymond James Financial, Inc. Wave7's current VC funding now stands at
$86.5M.
"We have the strongest investment syndicate in the industry and their support to
date obviously has helped us secure a significant market share worldwide with
our Last Mile Link family of FTTP products," said Tom Tighe, CEO of Wave7
Optics. "Their continuing support and our healthy revenue stream will aid in
the further development of the Last Mile Link and the progress we are making
with our soon-to-be-announced next-generation FTTP platform."
Wave7 also will use the funds to augment the sales, marketing and customer
support teams around the world to support top-line revenue growth.
"Wave7 has made impressive gains in the last couple of years and we see them
becoming a global leader in FTTP over the next 18 months," said Robert (Robin)
Bellas, General Partner, Morgenthaler Ventures. "Worldwide customer
engagements, a healthy backlog of orders and a technology platform that will
leapfrog the competition make for a healthy and dynamic company and a compelling
investment proposition."
About Wave7 Optics
Wave7 Optics has established itself as an industry leader
in optical broadband access systems with an expanding FTTP product portfolio
featuring a variety of architectural options, based on IP and Ethernet or ATM
standards, for "triple play" voice, video and data services. The company's
patented Last Mile Link system is rapidly gaining market share around the world
with service providers in the IOC, CLEC, MSO, municipal, utility and real estate
development categories.
For more information please contact
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