Picolight Completes $27.5 Million Funding Round With Second Closing; Financing Round Will Fund Technology Investments to Expand Product Line and 1310nm Vertical Cavity Surface-Emitting Laser (VCSEL) Leadership.LOUISVILLE, Colo. -- Picolight, Inc., a leading designer and manufacturer of optical transceivers and components, announced today that it has completed a $27.5 million funding effort, with the addition of $14.5 million in a combination of new equity investment and debt financing Debt Financing
When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay . Investor Growth Capital, a new investor, completed the second close with a $7 million equity investment, and was joined by ORIX Venture Finance, LLC (Logical Link Control) See "LANs" under data link protocol.
LLC - Logical Link Control , which provided an additional $7.5 million in debt financing. Investor Growth Capital joins previous investors BA Venture Partners, Vesbridge Partners and Coral Capital Management, who collectively invested $13 million in the first close of the round.
Picolight will use the latest round of investment to expand its operations, scale its manufacturing process to meet growing customer demand, and extend its 1310nm VCSEL (Vertical Cavity Surface Emitting Laser) Pronounced "vixel." A type of laser diode that emits light from its surface rather than its edge. A VCSEL's circular beam is easy to couple with a fiber, and due to its surface-emission architecture, can be tested products from 4 Gigabit fibre channel to 10 Gigabit Ethernet An Ethernet standard that transmits at 1 Gbps. Used mostly to connect high-end workstations and servers as well as for network backbones, Gigabit Ethernet transmits full duplex from point to point using switches and half duplex in a shared environment (CSMA/CD) using a hub. at long-reach over single-mode fiber See singlemode fiber. . Picolight's revenues and bookings for the past 12 months doubled year-over-year as the company continued to strengthen its product offering and expand its customer base.
"The completion of this funding round combined with our increased sales performance positions us to invest in new technologies to meet the needs of our growing customer base and establishes us as a market leader for high-performing enterprise, storage area and metro network interconnect technology," said Steve Hane, Picolight's president and chief executive officer. "This funding round will take us well past our financial break-even goal as we continue to strongly support our customers with the best products to help move their business forward."
"Picolight has demonstrated strong momentum with increased revenues and customer traction and is a proven market leader in VCSEL technology and data communications data communications, application of telecommunications technology to the problem of transmitting data, especially to, from, or between computers. In popular usage, it is said that data communications make it possible for one computer to "talk" with another. applications for the enterprise, storage area and metro area This article is about the music production team. For the article about population centers, see metropolitan area.
Metro Area are a Brooklyn-based dance music production team composed of Morgan Geist and Darshan Jesrani. networks," said Albert Kim of Investor Growth Capital, who joins Picolight's board of directors as a result of the investment. "Picolight's VCSEL technology expertise and product development in the optical marketplace are key attributes that will help drive the company's continued success and we are enthusiastic about its future prospects."
About Picolight Inc.
Picolight Inc., headquartered in Louisville, Colo., is an innovative designer and manufacturer of optical components and vertical cavity surface emitting laser (VCSEL)-based optical transceivers for high-bandwidth optical systems in rapidly growing data center, enterprise, storage area, and metro networking markets. The company's mission is to leverage its breakthrough VCSEL technology, vertically integrated manufacturing strategy, and a market-focused culture to drive next generation optical interconnects for datacom applications. The company is dedicated to targeted product innovations in key growth markets that will fuel business expansion and profitability. Picolight is a rapidly growing, venture-funded company in a fast-paced optical transceiver and components market. For more information, see www.picolight.com or email email@example.com.
About Investor Growth Capital
Investor Growth Capital is a venture capital and private equity advisory group wholly owned by Investor AB Investor AB is a Swedish investment company, founded in 1916 and still controlled by the Wallenberg family. The company owns a controlling stake in several large Swedish companies. In 2006 it had a market value of 119 billion kronor (€13 billion). ($16 billion). , the largest industrial holding company in the Nordic region. Investor Growth Capital focuses on investments in growth companies in the IT and healthcare sectors in Europe, North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and Asia. For more information, go to: www.investorgrowthcapital.com.
About ORIX Venture Finance, LLC
ORIX Venture Finance, LLC, a member of the Corporate Finance Group of ORIX USA Corporation, with offices in Silicon Valley; Newport Beach Newport Beach, residential and resort city (1990 pop. 66,643), Orange co., S Calif., on Newport Bay and the Pacific Ocean; inc. 1906. It is a popular seaside resort and yachting center. Manufactures include electrical and medical equipment, computers, boats, and adhesives. , Calif.; Hartford, Conn.; New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of ; Northern Virginia; and Dallas, provides enterprise financing to mid- to late-stage companies via acquisition and growth capital. The ORIX Venture Finance team consists of experienced finance professionals who understand the challenges growth companies face and structure flexible financing packages to meet these unique needs. For more information about ORIX Venture Finance, go to www.orix.com.