OptiMight Communications Secures $32 Million in Second Round of Financing for Multi-Terabit Optical Transport Systems DevelopmentPrestigious Venture Firms Back Optical Networking Start-Up to Support Development of High-Capacity, Ultra-Long Reach Transmission SystemsMT. VIEW, Calif. (May 31, 2000) - OptiMight Communications, Inc., a developer of high-capacity, ultra-long reach optical transport systems, announced today that it has received an additional $32 million in financing from some of the industry's leading high-tech venture capital firms. This second round brings OptiMight's total financing to $37.5 million. Worldview Technology Partners led the round with new equity participation followed closely by new investments from Meritech Capital Partners, Vertex Management Inc., Lucent Venture Partners LLC., Hook Partners and Thomas Weisel Partners LLC. Returning investors include Brentwood Venture Capital and Venrock Associates. Founded by industry veteran Wu-Fu Chen and top optical networking scientists, OptiMight is dedicated to improving the efficiency and reliability of carrier core transport networks with systems that provide significant competitive advantages. OptiMight is developing scalable dense wave division multiplexing (DWDM) transmission systems to enable all-optical, multi-terabit transmission over long distances at 10 Gbps speeds and higher. OptiMight's breakthrough technology offers unprecedented capacity, network flexibility and dramatic cost reductions by eliminating expensive electronic conversion and regeneration. "The evolution to ultra-long reach is essential to core transport technology and is one of the key components of next-generation networks to enable all-optical networking. Several companies currently provide standard long-haul WDM systems, but very few have ultra-long reach capabilities in their product portfolio," says John Walecka, General Partner of Brentwood Venture Capital and OptiMight board member. "Market needs are clearly forcing incumbent suppliers to enhance their traditional WDM transmission systems by attempting to develop or acquire ultra-long reach solutions. OptiMight is leading the migration towards ultra-long reach with superior technology." "We are delighted to have this substantial new investment from these highly respected venture capital firms. These investments validate both the community's confidence in our technology and the market demand for innovative technology in core transport," says Wu-Fu Chen, OptiMight's CEO and Founder. "Carriers are searching for solutions designed to eliminate bandwidth limitations, lower costs and outpace the explosive growth of Internet traffic. OptiMight is creating industry-leading systems with integrated network management capabilities to meet these demands and provide a competitive edge to customers." "OptiMight believes that the demand for bandwidth will exceed the capacity growth achievable with conventional DWDM technology," says Ilya Fishman, President, CTO and Founder at OptiMight. "We have assembled an exceptional team to deliver the highest capacity, most flexible and cost-effective ultra-long reach transport systems available to carriers. OptiMight's transport systems will remain compatible with legacy networks and will support point-to-point, ring and advanced optical mesh architectures." According to James Wei, General Partner and Co-Founder at Worldview Technology Partners, "OptiMight is at the forefront of the paradigm shift in network economics. Their technology provides tremendous economic and scalability benefits. Our investment in OptiMight is very important to Worldview's strategy and optical investment initiatives, and we believe that this company has enormous potential." About BrentwoodBrentwood Venture Capital is a leading early-stage venture capital firm with more than $1 billion under management. Brentwood has extensive experience and insight into the technologies, market trends and companies that are shaping e-commerce, Internet infrastructure and healthcare/biotech. Brentwood is backing the best and brightest companies in their industries-ones that will have a long-lasting impact. http://www.brentwoodvc.com About VenrockVenrock Associates was founded as the venture capital arm of the Rockefeller Family and continues a tradition of funding entrepreneurs that now spans over six decades. With over 270 investments during the past 30 years, the firm has an established track record of identifying and supporting promising early stage, technology-based enterprises. http://www.venrock.com About WorldviewWorldview Technology Partners is an established venture capital firm with a strong track record of investing in and helping build leading U.S. information technology and telecom companies. Worldview adds significant value to portfolio companies through active participation and its proven ability to help US entrepreneurs successfully expand their businesses into the Asia-Pacific region. http://www.worldview.com About Meritech CapitalMeritech Capital Partners is a $1.1 billion venture fund sponsored by five leading venture capital firms: Accel Partners, Brentwood Venture Capital, Oak Investment Partners, Redpoint Ventures and Worldview Technology Partners. Meritech's charter is to provide late-stage capital to emerging technology firms. http://www.meritechcapital.com About Vertex ManagementVertex Management Inc. is the venture capital arm of Singapore Technologies Group with over US $500 million under management. Vertex has been actively investing in private, high technology companies in the United States, Europe and Asia since 1988. It is headquartered in Singapore and has offices in the US, London, Taiwan and Israel. http://www.vertexmgt.com About Lucent Venture PartnersLucent Venture Partners LLC. is a wholly owned venture capital subsidiary of Lucent Technologies with offices in Menlo Park, CA, Murray Hill, N.J. and Boston, MA. Formed in 1998, the group invests in early-stage technology companies in high-growth communications areas such as wireless communications, data networking, semiconductors, communications software and professional services. http://www.luvp.com About OptiMight CommunicationsFounded by industry veteran Wu-Fu Chen and top optical networking scientists, OptiMight Communications, Inc. is a privately held developer of high-capacity, ultra-long reach optical transport systems for global telecommunications carriers. Carrier networks are overwhelmed by the Internet-driven explosion of data traffic and are demanding a step-change in cost and capacity. OptiMight believes that the demand for bandwidth will outpace the capacity growth achievable with conventional DWDM technology; therefore, OptiMight is implementing innovative technology to address these needs. OptiMight is developing all-optical, ultra-long reach DWDM systems with integrated network management capabilities to provide carrier customers with unprecedented capacity, network flexibility, dramatic cost reductions and powerful competitive advantages. The company is located in Mountain View, California. http://www.optimight.com OptiMight Contact: |
|
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |