CoreTek, Inc. Closes on Second Round Venture Capital Financing.WILMINGTON, Mass.--(BUSINESS WIRE)--Oct. 8, 1999-- CoreTek announced the closing of a $20.5 million round of venture capital financing To start an own company or to bring a new product to the market, the venture may need to attract financial funding. There are several categories of financing possibilities. If it is a small venture, then perhaps the venture can rely on family funding, loans from friends that will be used to continue product development and realize the mission to become a leader in providing innovative optical solutions for evolving telecommunications networks. Oak Investment Partners, Palo Alto, California “Palo Alto” redirects here. For other uses, see Palo Alto (disambiguation). Palo Alto (IPA: /ˌpæloʊˈʔæltoʊ/, from Spanish: palo: "stick" and alto: "high", i.e. , led the consortium of investors with an investment of $12 million. Other members of the investment consortium included JK&B Capital, Chicago and Broadview; as well as the first round investors Adams Capital and Hillman Hillman was a famous British automobile marque, manufactured by the Rootes Group. It was based in Ryton-on-Dunsmore, near Coventry, England, from 1907 to 1976. Before 1907 the company had built bicycles. Investments. Bandel Carano, general partner at Oak Investments said, "Oak was very impressed by the experience and commitment of the management team at CoreTek, they have a first rate organization and have the potential to become the leader in next generation optical components." Joel Adams, President of Adams Capital Management, reiterated Mr. Carano's comments saying, "I am impressed by the quality and depth of talent that Parviz (Tayebati, Founder and President) has attracted to CoreTek; these folks are all leaders in their field." He continued, "CoreTek has demonstrated very good technology that enables emerging telecommunications architectures and they are poised to leapfrog the competition to a leadership role in the industry." Dr. Tayebati, touting CoreTek's achievements and providing insight on future plans, indicated, "We have already demonstrated a number of successes in terms of highest power, widest tuning range and fastest tuning speed for tunable components. We intend to ramp production on these tunable components as we enhance the product line with turnkey optical solutions and subsystems for All-Optical Networks." When asked about Kevin Petrie's report in TheStreet.com of a possible merger with JDS Uniphase JDS Uniphase Corporation (JDSU) NASDAQ: JDSU is a company that manufactures and designs products for fiber optic communication and test equipment. It is headquartered in Milpitas, California, USA. , Dr. Tayebati said, "JDS Uniphase is an impressive company with a well thought out growth strategy, but I am ready to compete with them in the marketplace. Our plans at CoreTek are to remain private as we begin to commercialize the product and grow market share. As we demonstrate success and profitability, we will continue to evaluate our options." CoreTek has developed and is commercializing a "break-through" component technology that combines micro-electromechanical system (MEMS (MicroElectroMechanical Systems) Tiny mechanical devices that are built onto semiconductor chips and are measured in micrometers. In the research labs since the 1980s, MEMS devices began to materialize as commercial products in the mid-1990s. ) technology with active optical sources. The current product line includes tunable filter elements that have applications in wavelength monitoring, optical add/drops, and optical cross connects; and tunable lasers for WDM (1) (Wavelength Division Multiplexing) A technology that uses multiple lasers and transmits several wavelengths of light (lambdas) simultaneously over a single optical fiber. channel sparing applications and as primary sources in Long Haul Long distance. Long haul implies traversing a state or a country. Contrast with short haul. and Metropolitan dense wavelength division multiplexing See WDM. (DWDM (Dense WDM) The term given to wavelength division multiplexing (WDM) when significantly more channels were being added. Since WDM is increasingly more "dense" all the time, both terms are used synonymously. See WDM. DWDM - wavelength division multiplexing ) systems. Adams Capital Management, Pittsburgh led the $6 million first round of financing in February 1999. For more information, please visit the corporate website at www.coretekinc.com or contact Tom Dudley; VP, Marketing at 978-570-1200. |
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