Wave7 Optics has $18 million in new financing and a new investor as it seeks to capitalize on fiber-to-the-premises (FTTP) network demand.
Wave7 has now raised $86.5 million in capital since the company was launched in 2000.
Ballast Point Ventures contributed $3 million to the latest round as the new Wave7 investor. Also participating were existing investors Mellon Bentures, Lucent Venture Partners, Morgenthaler Ventures, Oak Investment Partners Advanced Technology Partners and Armanda Venture Partners.
So far this year, Wave7 has won international deals in Japan and Mexico as well as several contracts in the United States.
“Wave7 has made impressive gains in the last couple of years and we see them becoming a global leader in FTTP over the next 18 months,” said Robert Bellas of Morgenthaler Ventures. “Worldwide customer engagements, a healthy backlog of orders and a technology platform that will leapfrog the competition make for a healthy and dynamic company and a compelling investment proposition.”
Wave7 plans to use the new funds to expand sales, marketing and customer support efforts.
“We have the strongest investment syndicate in the industry and their support to date obviously has helped us secure a significant market share worldwide with our Last Mile Link family of FTTP products,” said Tom Tighe, Wave7’s chief executive officer. “Their continuing support and our healthy revenue stream will aid in the further development of the Last Mile Link and the progress we are making with our soon-to-be-announced next-generation FTTP platform.”