Cirrex Receives $6.5 Million in Venture Capital
TO DEVELOP NEXT-GENERATION OPTICAL NETWORKING DEVICES
ATLANTA - May 5, 2000 - CIRREX Corp., developer of integrated optics for next-generation optical networking solutions, announced today that it has received $6.5 million in venture capital. HIG Ventures led the financing with participation from Lucent Ventures Partners, the venture capital arm of Lucent Technologies. Including early funding from Atlanta-based Imlay Investments, the company has attracted $8.2 million of equity financing to date.
According to CIRREX President Mike Wach, "The new resources will be deployed for product development including a technical staffing initiative." HIG Managing Director Tony Tamer said, "We are excited at CIRREX's innovative and patented technology for building integrated OADM devices which will allow the implementation of low-cost DWDM solutions down to the access networks. This will enable local exchange carriers to greatly expand bandwidth in a cost effective manner, to accommodate the exploding demand for high-speed Internet access."
About CIRREX Corp.
CIRREX utilizes proprietary integrated optics technology to create highly integrated optoelectronic components and subsystems for optical networking equipment. The products are engineered to enable low-cost Dense Wavelength Division Multiplexing (DWDM) solutions based on Optical Add Drop Multiplexing (OADM) configurations. The company focuses on access network applications that will provide cost-effective bandwidth out towards the end user. The Internet will utilize such bandwidth to evolve increasing levels of functionality and interactivity.
About H.I.G. Ventures
HIG Ventures, of Miami, FL, is a venture capital firm investing in early-stage, high-growth technology companies in the communications, Internet, and information technologies sectors. With an investor base including Goldman Sachs, Donaldson, Lufkin & Jenrette (DLJ), Deutsche Banc Alex. Brown, Wilshire Associates, First Union Corporation, PNC Bank, Teacher's Insurance and Annuity Associate (TIAA), Massachusetts Institute of Technology, and Yale University, HIG is currently the largest venture capital firm in the Southeast. www.higcapital.com
Lucent Venture Partners
Lucent Venture Partners, of Palo Alto, CA, is a wholly owned, venture capital subsidiary of Lucent Technologies (NYSE:LU) that invests in early-stage communications companies. www.lucentventurepartners.com