ALPHARETTA,Wave7 Optics, which builds equipment to deliver broadband services to homes and businesses, has raised another $6 million and wants to get more.
The company has raised $68.5 million in venture capital, including a $13 million road last September.
Advanced Technology Partners, Armada Venture Partners, Lucent Venture Partners, Mellon Ventures, Morgenthaler Ventures and Oak Investment Partners all invested in the new round. All are current investors.
Tom Tighe, the firm’s president and CEO, wants to raise more money from another investor later this year.
“It’s an exciting and positive endorsement of the company that all of our existing investors participated in the round on a full pro-rata basis,” Tighe said in a statement. “We have substantial cash reserves, but thought it was best for our growing business to raise this money in order to give management more freedom to focus on our industry-leading growth curve for FTTP network systems. Furthermore, we are expecting another investment later this year, in the October time frame, from an outside investor.”
Wave7 has announced a variety of deals for its fiber-to-the premises equipment that handles high-speed data, audio and video. The company recently signed a contract with Hitachi Telecom for worldwide sales. It also is involved in fiber projects in Georgia, South Carolina, Indiana, Tennessee, Oklahoma, Australia and Mexico.
“Wave7 has a compelling value proposition for the FTTP sector, as demonstrated by the fact that they now have more than 30 network operator customers around the world,” said Robert Bellas, General Partner, Morgenthaler Ventures, in a statement. “A very healthy backlog of orders and solid visibility through 2005 make this a sound investment for us.”