ITF Optical Technologies Closes a $28 Million Round of Funding, Bringing the Total to More Than $38 Million.
MONTREAL--(BUSINESS WIRE)--July 10, 2000
FUNDING FOR PHOTONIC COMPONENT START-UP WILL SUPPORT FAST
GROWTH, AS COMPANY MOVES INTO VOLUME DELIVERIES
ITF Optical Technologies, a privately held developer of state-of-the-art passive photonic components, announces the completion of a $28 million round investment bringing the company's total funding to more than $38 million since its beginning in February 1998.
New investors include Essex Investment, Galen Investment Advisors, HRLD Venture Partners, Oppenheimer, Tyco Ventures, WIT Soundview, and a fund managed by WIT Soundview Ventures. Original investors include GTI Capital, Celtic House, Ontario Teachers Pension Plan Board, and Newbridge Networks.
ITF Optical Technologies will use the funding to support the rapid growth of the company. ITF, which began its activities in 1998, designs, manufactures and markets state-of-the art passive photonic components for existing optical transmission systems and next generation all-optical networks. The ITF team has developed a proprietary All-Fiber(TM) technology that uses optical fiber as the constituent medium. By processing light in the fiber itself, ITF photonic components exhibit significantly lower transmission losses, can accommodate high optical power and provide the flexibility needed for custom requirements.
"Our objective is to ramp up our production facilities to meet the explosive demand for our All-Fiber(TM) Solutions", said Eric Geoffrion, ITF's President and CEO.
"Network designers will want to have at their disposal an arsenal of technologies with which to choose from to construct next generation optical networks", said Kevin Slocum, Photonic Research Analyst at WIT Soundview. "We believe that fused fiber components will become one of the technologies designers will increasingly draw upon to build these networks due to their ability to address the performance, scalability and manufacturability limitations facing more traditional passive component technologies. As a leader in the development of passive fused fiber components, ITF Optical Technologies is well-positioned to benefit."
"The inherent advantages afforded customers through ITF's All-Fiber passive technology, positions ITF to flourish in the exploding market to supply components to build next generation optical networks. We are pleased to be investors in such an exciting and well positioned company", said Lon Galen Williams, President, Galen Investment Advisors.
About ITF Optical Technologies
ITF Optical Technologies designs, manufactures and markets passive photonic components for DWDM telecommunications systems based upon a proprietary All-Fiber(TM) technology. All-Fiber(TM) photonic components utilize optical fiber as the constituent medium, which enables a more cost effective, scalable and flexible solution than current technologies while providing the high level of performance needed for next-generation optical networks.
Products based upon All-Fiber(TM) technology are designed to enable networks with increased performance at lower cost, greater flexibility, channel scalability and reduced complexity. ITF Optical Technologies has achieved a leadership position in this field of technology through its advanced understanding of the physics involved in fused fiber components, proprietary manufacturing tools and processes and by developing early working relationships with market leaders.