CODEON Completes Latest Round of Financing; Optical Component Start-up to Use Additional $17.1 Million to Expand Manufacturing.Business Editors COLUMBIA, Md.--(BUSINESS WIRE)--July 31, 2000 CODEON Corporation, manufacturer of high-speed optical components, announced today the completion of its latest round of financing, worth $17.1 million, bringing the company's total funding to $25 million. This latest round brings in New Enterprise Associates (NEA NEA abbr. 1. National Education Association 2. National Endowment for the Arts NEA (US) n abbr (= National Education Association) → Verband für das Erziehungswesen ) and the Optical Capital Group (OCG OCG Oesterreichische Computer Gesellschaft (Vienna, Austria) OCG Operational Coordination Group OCG Overall Coordination Group OCG Operations Control Group OCG OC Group (internet business management corporation) ) to join previous investors, Boulder Ventures, The Grosvenor Funds, and Kinetic kinetic /ki·net·ic/ (ki-net´ik) pertaining to or producing motion. ki·net·ic adj. Of, relating to, or produced by motion. kinetic pertaining to or producing motion. Ventures. Frank A. Bonsal, Jr., founding partner of NEA, will be joining CODEON's board of directors. "We're very excited to have NEA and OCG join our team," commented James B. Sinclair, chief financial officer at CODEON. "They bring a proven track record in technology investments." CODEON will use this latest funding to expand manufacturing for its line of high-speed external modulators. "This should better position us to meet the ever-growing need of equipment suppliers for quality optical components," noted Ganesh Gopalakrishnan, CODEON's president and chief technology officer. Bruce B. Dunnan, managing partner of The Grosvenor Funds, said, "With the demand for optical networking Communications between computers, telephones and other electronic devices using light. An optical network is far more reliable and has far greater potential transmission capacity than networking in the electrical domain. See optical fiber. components skyrocketing, it is very exciting to be involved with a company that is driving technological advancement in this field." About CODEON Corporation CODEON (COmmunication DEvices for Optical Networks), based in Columbia, Maryland Columbia is a census-designated place and planned community in Howard County, Maryland, United States. It is a suburb of Baltimore, and, to a lesser degree, Washington, DC. It began with the idea that a city could enhance its residents' quality of life. , designs and manufactures state-of-the-art optical components for the fiber optic telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. industry. At CODEON, recognized leaders in integrated optics Combining electrical and optical components on the same silicon-based substrates used in the fabrication of a semiconductor chip. Also called "silicon photonics," fiber-optic communications employs numerous integrated optics devices, including lasers, photodetectors, beam splitters, research and development have been brought together with industry experts in packaging and manufacturing to bring leading-edge designs into quality volume manufacturing. For additional information, contact CODEON Corporation, 9108-A Guilford Road, Columbia, MD 21048, (301) 604-8413 or email the company at contact@codeoncorp.com. (c) Copyright 2000 CODEON Corporation. All rights reserved. |
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