CyOptics raises $10 million
Startup company CyOptics has completed its fourth round of financing, raising $10 million. Up to the current round, the company, which develops, designs and manufactures optical engines for broadband metro and access communications solutions, had raised $77 million since beginning operations in 1999.
The latest financing round was led by JVP (Jerusalem Venture Partners) and joined by existing investors including Soros Private Equity Partners, The Sprout Group, Eurofund, Ventech, Innovacom and a new external investor. "CyOptics has weathered the downturn in the communications marketplace and emerged as a stronger, more focused and innovative company," said Glen Schwaber, general partner at JVP and a CyOptics board member.
The $10 million raised will be used to support the development of new products and to boost marketing and sales operations.
CyOptics' wafer/chip fabrication operations are located in Yokneam Illit, while its automated packaging and testing operations are located in Pennsylvania's Lehigh Valley.