Novalux Inc. Receives Third-Round Investment of $109 Million
Source: Novalux
September 26, 2000
Sunnyvale, CA. Novalux Inc., a fiber optics components company, today announced it has closed a $109 million round of equity financing. Novalux s third round of financing was led by Morgan Stanley Dean Witter Venture Partners, and includes new investors Cisco Systems Inc., Credit Suisse First Boston, Intel Capital, Lamoreaux Partners, MSD Capital, NorthEast Ventures, Salomon Smith Barney, Sternhill Partners, Telesoft Partners and U.S. Bancorp Piper Jaffray. Previous investors also taking part in this round include Crown Advisors, Crescendo Ventures, DynaFund, RWI, Tredegar Investments and Vanguard Venture Partners.
Novalux plans to shift the balance of power in the communications industry with a new laser technology, the NECSEL (Novalux Extended Cavity Surface Emitting Laser). The financial investment provides Novalux with resources to immediately expand its manufacturing capacity, allowing the company to meet the demand for its first family of pump laser products, with a focus on newly designed, automated methods of packaging, assembly and testing. The funding will also be used to assemble independent design teams to develop other photonic products such as tunable transmitters.
"This round of funding will allow us to deliver on our strategic plan," said Malcolm Thompson, Ph.D., CEO of Novalux. "This financial support brings us one step closer to fully realizing the advantages of the NECSEL platform in performance, manufacturing, assembly, packaging and testing."
"Novalux has tremendous depth in its technology and manufacturing management experience. We believe this, coupled with the inherent advantages of the NECSEL, will enable Novalux to deliver superior products to the market, and introduce the optical fiber world to volume manufacturing of lasers," notes William Harding, Ph.D., managing director at Morgan Stanley Dean Witter Venture Partners, the venture capital affiliate of Morgan Stanley Dean Witter Private Equity. Dr. Harding will be joining the Novalux board of directors following the investment.
"The Novalux management team has consistently met or exceeded every technical and manufacturing goal, and we expect a continuation of their stellar performance," commented Jack Gill, Ph.D., Novalux chairman of the board and general partner with Vanguard Ventures. "We believe that this company will revolutionize the optical networking industry."
The NECSEL platform has significant advantages over today s edge-emitting pump lasers in generating, amplifying and distributing light in optical fibers. The key to these advantages lies within NECSEL s unique structure, which enables a surface-emitted, high-power, round beam of light that simplifies the process of assembling light and fiber. This design and manufacturing innovation allows each laser to be tested while still on the wafer, leading to cost-efficient manufacturing.
About Novalux
Novalux (http://www.novalux.com) has pioneered a breakthrough in ultra-high power for photonic systems. Called NECSEL(TM) (Novalux Extended Cavity Surface Emitting Laser), this new technology enables elegant, scalable active laser platforms and solutions for achieving greater information bandwidth across long-haul, metro and local access communications systems. Novalux was founded in 1998 and is located in Sunnyvale, California.
Contact: Novalux Inc., Sunnyvale Heidi Hoffman Tel: 408/730-3955 (Investor Relations) hhoffman@novalux.com or The Hoffman Agency Jennifer Kollenborn Tel: 408/975-3097 (Press Contact) jkollenborn@hoffman.com
Novalux Inc., Sunnyvale
Heidi Hoffman
Tel: 408/730-3955 (Investor Relations)
hhoffman@novalux.com
or
The Hoffman Agency
Jennifer Kollenborn
Tel: 408/975-3097 (Press Contact)
jkollenborn@hoffman.com
E-mail: jkollenborn@hoffman.com
Web site: http://www.novalux.com
