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Metconnex Closes $8.1 Million Financing and Names COO
January 24, 2006
Ottawa, Ontario, January 24, 2006 – Metconnex, a leading provider of optical wavelength selective switch (WSS) modules, today announced closing of CDN$8.1 million (US$7.0) financing and the promotion of David King to the role of chief operating officer (COO). The investment represents continued support of the company’s international syndicate consisting of Skypoint Capital, Vesbridge Partners, Innovacom and BDC Venture Capital.
“Carriers are building reconfigurable optical networks and this new investment for Metconnex will allow the company to achieve broader commercial deployment of our products and to continue expanding our operational capability,” said Peter Becke, Metconnex’s chief executive officer. “I’m also pleased to recognize David’s leadership which has enabled the company to secure major design wins and I look forward to his continuing success in delivering on our business opportunities.” Mr. King has over 20 years of integrated optics and networking business experience gained through Nortel, Newbridge Networks, Galian and Zenastra Photonics. He has held executive positions in North America, Europe and Asia and is one of Metconnex’s four founders. “The metro ROADM market is set for strong growth in 2006 as major carrier metro and long haul deployments commence,” said Michael Howard, principal analyst at Infonetics. “Advantages in performance, cost, and size are three reasons that have enabled Metconnex to be one of the top WSS suppliers.”
About Metconnex
Metconnex is a leader in the supply of wavelength selective switch (WSS) modules for use in reconfigurable optical add/drop multiplexers (ROADMs). The company’s hybrid integration platform enabled by planar lightwave circuits (HI-PLC) leverages the cost advantage of PLC technology while delivering high performance, low power consumption and extensibility. The company’s WSS portfolio enables system and subsystem vendors to build flexible products with significant advantages in cost, performance and size across multiple applications and markets. For more information visit www.metconnex.com or call +1.613.254.9660.
About Skypoint Capital ®
Skypoint Capital® (www.skypointcorp.com) forms and manages venture capital funds that stimulate and leverage the ever-changing telecommunications and information technology sector. Its funds provide early-stage equity capital to new or growing businesses with the potential to become major enterprises. The firm, which currently has US $185 million under management, invests primarily in Canada, but also in the US, Israel and the UK. The members of the Skypoint Capital team have participated in more than 75 technology start-ups in the Ottawa and Montreal regions.
About Vesbridge Partners
esbridge Partners thrives on helping early-stage leading edge networking and IT infrastructure companies bring their software and service platforms to enterprise and carrier markets. Vesbridge Partners, headquartered in Boston, MA, has a long history as part of St. Paul Venture Capital (SPVC). SPVC is a well-established early-stage venture capital firms with a strong track record over the past 15 years of helping finance some of the industry's most successful technology companies. For more information visit www.vesbridge.com.
About Innovacom
Since its creation by France Telecom in 1988, Innovacom has helped launch innovative telecommunication and information technology start ups, such as Business Objects, Cobalt Networks, Gemplus, Infovista, Intershop, Kelkoo, LastMinute.com, Soitec, and Tumbleweed. With 400 million Euros under management and offices in Paris, Stockholm, and San Francisco, Innovacom is an active early-stage investor in Europe and North America. For more information visit www.innovacom.com.
About BDC Venture Capital
BDC Venture Capital is a major venture capital investor in Canada, active at every stage of the company’s development cycle, from seed through expansion, with a focus on technology-based businesses that have high growth potential and that are positioned to become dominant players in their markets. BDC Venture Capital has been involved in venture capital since 1975 and has to date invested in more than 400 different companies. It currently manages more than $500 million in venture capital assets invested in the areas of Life Sciences, Telecommunications, Information Technology, Advanced Technologies and Funds Investments. For more information visit www.bdc.ca.
Related Company:
Metconnex, Inc.
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