ALPHARETTA, GA — Wave7 Optics Inc., an innovative developer of optical access equipment for the fiber-to-the-home and business (FTTX) market, today announced that is has raised a second round of funding totaling $23 million, bringing the company’s total funds raised to $32 million. Advanced Technology Ventures led the Series B round with new investors Mellon Ventures and Armada Venture Partners, while founding investors Morgenthaler and Lucent Venture Partners also participated in the round. Additionally, Jack Harrington, general partner of Advanced Technology Ventures, will join the Wave7 board of directors.
BOULDER, CO — Accumedia Inc., a leader in web services content management and delivery solutions, announced it secured $2 million in a Series C round of funding from Holden Capital and Arch Venture Partners.
SANTA CLARA, CA — Salira Optical Network Systems Inc., the first company to develop a carrier-class access architecture for Ethernet Passive Optical Networks (EPON), today announced that it has raised an additional $7 million in new equity and debt financing. The new funding closes a Series B round of $22.1 million and brings the total investment in Salira to $29.1 million. Sofinnova Ventures becomes the latest investor to participate in Salira’s Series B round which was led by Mobius (formerly Softbank) Venture Capital. Pac Rim Venture Partners and Manitou Ventures also participated in the official closing of the round. Salira also disclosed that it has secured a $2 million revolving credit facility from Heller Financial, a division of GE Capital.
BOSTON — IntelCore Technologies Inc. announced today that it has secured $7.5 million of additional financing with Comerica (NYSE: CMA), a leading financial services company, bringing the Company’s overall funding to approximately $42 million. IntelCore is a developer and manufacturer of specialty optical fiber for the Photonics industry.
The $7.5 million credit facility with Comerica’s Technology and Life Sciences Division will be used by IntelCore to finance new equipment and other working capital for its new Advanced Development and Manufacturing headquarters currently under construction in Grafton, MA. The credit facility with Comerica follows two rounds of investment financing received by IntelCore in 2000 and 2001 from noted firms Megunticook Management, St. Paul Venture Capital, Technology Venture Partners, Tudor Ventures Group and Beacon Telco. IntelCore’s balanced funding will allow the Company to rapidly build and equip its new facility to meet the demand for innovative specialty optical fiber.
PALO ALTO, CA — ALPS Information Technology Fund LP, a core company of the Alps Electric North America Inc affiliated group and Ridgewood Capital today announced the formation of a venture partnership.
As part of the agreement, ALPS Information Technology Fund, LP has made an investment in Ridgewood Capital’s Venture Fund III. The two firms will also collaborate to identify disruptive technologies in the following sectors: optical components, semi-conductor for wireless communications, optical and wireless communication equipment, PC computer peripheral equipment and automotive electronics.
NEW YORK — WL Ross & Co. LLC announced today that it has agreed to acquire LTV Corporation’s integrated steel assets for approximately $325 million, of which $125 million will be in cash and approximately $200 million in the assumption of environmental and other liabilities. The acquisition includes facilities located in Cleveland, East Chicago, Ind., Hennepin, Ill. and Warren, Oh. The agreement is subject to acceptance of the bid at an auction that will be conducted on February 27 and approval by the U.S. Bankruptcy Court on February 28. The agreement requires LTV to pay a breakup fee of $4 million in the event WL Ross & Co. is not the confirmed buyer.
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