Private Equity Week Wire for Monday 2/25

DERRY, NH — Cedar Point Communications, a New Hampshire company developing an innovative PacketCableT based telephony technology for cable system operators, announced today the completion of an initial round of $19 million in private equity financing.
Charles River Ventures and Battery Ventures have committed capital to the development and commercialization of Cedar Point’s Cable Media Switching System, an entirely new category of voice switching equipment tailored exclusively to the needs of the broadband cable operator. Cedar Point previously had been funded by its founders and other investors, led by Ascent Venture Partners.

SANTA CLARA, CA — Transparent Networks, Inc., developer of intelligent photonic switching systems, today announced the completion of $20 million in second round venture funding. This round brings the total funds raised by the company to $30.2 million since its inception in June 2000.

The lead investor in this round was U.S. Venture Partners (USVP). Reaffirming its commitment to Transparent Networks, the latest round included pro-rata funding from previous round investor Benchmark Capital.

DENVER — Secretary of Technology Marc Holtzman announced today a newly formed partnership between the Public Employees’ Retirement Association of Colorado (Colorado PERA) and ITU Ventures, LLC (ITU). The partnership was formed to invest in technology emerging from Colorado’s research institutions.

— Chiaro Networks today announced the completion of its fourth funding round of $80 million. To date, the company has raised a total of $210 million.

New backers, Delta Ventures, LandHo Ventures and Poalim Capital Markets, joined Chiaro’s current high-profile venture capitalists, including CenterPoint Ventures, InterWest Partners, Rho Ventures, Sevin Rosen Funds and STAR Ventures.

BOSTON — Onaro Inc., a startup software company specializing in enterprise storage networking management solutions announced today that it received a seed financing round from Cedar Fund, a private equity investment management firm.
The funds will be used to fuel the company’s product development efforts and further strengthen the company’s relationships with its prospective customers.

MCLEAN, VA — RateIntegration Inc., a leading developer of rating software for telecommunications service providers, announced the completion of a $9 million financing round led by new investor Dolphin Communications Partners, a venture capital firm located in New York City.
Also participating in the round were existing investors in RateIntegration, LiveWire Ventures, JT Venture Partners and Windspeed Ventures.

SAN DIEGO — Magis Networks, Inc., a leader in 802.11a wireless chipsets, today announced Hitachi, Ltd. is the latest strategic investor to join Magis’ current round of funding. Magis develops chipsets that enable wireless communications of TCP/IP data, high-quality video, and audio throughout the home and office under the Air5(TM) brand name. Under the terms of the investment, the two companies are developing product roadmaps that will optimize market acceptance of Magis’ Air5(TM)-based products.

PALO ALTO, CA — Amnis Systems Inc. (OTCBB:AMNM) (Frankfurt:ANI), a leading global provider of networked streaming video systems, today announced it has completed new financing of $1.8M from private equity investors. The investment was made by Stonestreet Limited Partnership and Alpha Capital Aktiengesellschaft among others. All funds were received by the company at the closing. This new financing combined with the financing commitment for $2.4M completed in early January 2002 brings the total new financing in 2002 for Amnis to $4.2M with $2.3M already received.

PISCATAWAY, NJ — Innovance Networks, a privately-held optical networking company, has closed its Series B financing, raising over $55 million in venture capital. JDS Uniphase (NASDAQ:JDSU) and Corning (NYSE:GLW) also participated in the financing as key industry investors. The new funds will be used to support the commercial launch of Innovance Networks