Celion Networks Secures $45 Million in Second-round Financing To Develop Optical Transport Solutions.
RICHARDSON, Texas--(BUSINESS WIRE)--July 6, 2001
Celion Networks, a private company designing and manufacturing optical networking products, announced today it has secured $45 million in a second-round of financing led by Lehman Brothers Venture Capital Group.
Other leading companies who participated in the round include Corning Innovation Ventures, Intel Communications Fund, Global Innovation Partners and another investor. Sequoia Capital, which led Celion's first round last July, continued its support with another significant investment.
Founder and CEO Pawan Jaggi, formerly of Level 3 Communications, and Bob Tkach, formerly of AT&T Labs, lead Celion and have attracted a top-level management team. "We are excited to have this new investment from such well-respected firms," said Pawan Jaggi, CEO, Celion Networks. "We offer customers unique solutions that address their true needs and attack their most urgent problems," he added.
The company's leadership consists of individuals who understand the needs of carriers and equipment vendors and the problems that have to be solved in the network. "We look beyond simply providing capital, because we consider our investments as forming partnerships with entrepreneurs. After doing due diligence and speaking to Celion customers, we feel confident that the company will be able to deliver the right product," said Tom Banahan, managing director, Lehman Brothers Venture Capital Group.
Celion Networks is developing products that give service providers an optical transport solution with unprecedented flexibility, ease of deployment, and ease of use. The company's product platform was developed by one of the best technical teams in the world. "We believe Celion has the potential to become a world-class, leading provider of optical network solutions," said Eric Harrison, managing director, Global Innovation Partners.
"When selecting investment opportunities in the components and systems sectors, we focus on a few key ingredients such as a world-class management team and a compelling value proposition. Celion's leadership is a rare combination of individuals who have run successful operations before, have been in the trenches as carriers and equipment vendors, and have been at the forefront of technology development," said Michael Goguen, general partner, Sequoia Capital.
About Celion Networks
Celion Networks, Inc., a private company founded in July 2000, is currently designing and manufacturing products that will redefine optical networking. Located in Richardson, Texas, the company has an experienced management team who has world-class expertise in optical technology and network design. Celion Networks is poised to deliver on its promise of redefining optical networking. www.celion.com.
About Lehman Brothers Venture Capital Group
Lehman Brothers Venture Capital Group is the principal venture capital arm of Lehman Brothers Holdings Inc., a global investment bank serving the financial needs of corporations, institutions, governments and high-net-worth investors worldwide. Managing in excess of $450 million on behalf of Lehman Brothers, its employees and third party investors, Lehman Brothers Venture Capital Group focuses on making growth-oriented equity or equity-related investments in companies capable of turning innovative technology and management solutions into successful businesses. Established in 1995, the Group has invested in more than 50 companies engaged in the information and communications technology, Internet and life sciences sectors. Lehman Brothers Venture Capital Group is headquartered in New York with additional offices in Silicon Valley and Los Angeles.
About Sequoia Capital
Since 1972, Sequoia Capital has provided startup venture capital for very smart people who want to turn ideas into companies. As the "Entrepreneurs Behind the Entrepreneurs", Sequoia Capital's Partners have worked with innovators such as Sandy Lerner and Len Bozack of Cisco Systems, Jerry Yang and David Filo of Yahoo!, Gaurav Garg of Redback Networks, Larry Page and Sergey Brin of Google, Dan Warmenhoven of Network Appliance, T.J. Rodgers of Cypress Semiconductor, Lou Tomasetta of Vitesse Semiconductor, Steve Jobs of Apple Computer and Larry Ellison of Oracle. The companies organized by Sequoia Capital now account for about 10% of the value of NASDAQ. To learn more about Sequoia Capital visit www.sequoiacap.com
About Global Innovation Partners
Global Innovation Partners is an international private equity fund focused on capital intensive, growth businesses including Internet infrastructure, broadband communications, data centers, e-commerce and supply chair infrastructure. We provide financing to mid to late state venture backed businesses, management led buy-outs, and technology-related asset acquisitions. The fund was closed in March 2001 with $526 million of committed capital, provided by CalPERS and CB Richard Ellis. www.gipartners.com
About Corning Innovative Ventures
Corning Innovation Ventures was established by Corning Incorporated to provide it with insight and access into emerging technologies while fostering their success in high growth areas where Corning has significant market presence. Corning Incorporated (NYSE: GLW) is a global, technology-based corporation, which operates in three broad business segments: Telecommunications, Advanced Materials, and Information Display. www.corning.com/innovationventures
About Intel Communications Fund
The $500 million Intel Communications Fund invests in companies supporting Intel's key programs and initiatives in voice and data communications, as well as wireless communications and computing efforts. The fund, which makes minority equity investments of typically less than $10 million, is focused on companies developing solutions based on CT Media(TM), Intel(R) Internet Exchange Architecture, Intel(R) XScale(TM) Microarchitecture and Intel(R) Personal Internet Client Architecture. The fund, created in 1999, is managed and controlled by Intel. For more information, visit intel.com/capital/investment/icf.htm.
|Printer friendly Cite/link Email Feedback|
|Date:||Jul 6, 2001|
|Previous Article:||Commonwealth Industries to Broadcast Second Quarter Conference Call Live On the Internet.|
|Next Article:||Global eTech Adopts Magi P2P Software For Next-Generation Supply Chain Management Software.|