Avalon Photonics Ltd. Raises US$14 million in Venture Capital Funding
Avalon Photonics Ltd., the recently established optoelectronic component manufacturer announces the successful completion of its first round of financing raising a total of US$ 14 million of venture capital funding. Investors include: Intel Capital, Vision Capital and Viventures.
Avalon Photonics Ltd. is a spin-off from CSEM, the Swiss Center for Electronics and Microtechnology. The Avalon Photonics team has been developing and producing single- and multimode VCSELs for the datacom and sensing markets for more than 6 years.
The investment by Intel Capital, Vision Capital and Viventures will be used to help extend Avalon s production and R&D facilities for the volume fabrication and further development of semiconductor high-speed vertical cavity surface emitting laser (VCSEL) arrays and other optoelectronic products.
Karlheinz Gulden, Chief Executive Officer of Avalon Photonics commented: "We very much welcome Intel Capital, Vision Capital and Viventures as shareholders in Avalon Photonics. Each party brings complementary strengths that can enhance our business and complement our existing shareholder CSEM.
We now have a strong base of investments from which to finance our future expansion. With more than 6 years of experience in VCSEL design and development, Avalon Photonics Ltd will be in a solid position to meet present and future requirements in high speed data-communication, an extremely fast expanding segment of the communications market."
Mr. Sven Lingjaerde, partner with the Transatlantic Venture Capital firm Vision Capital added: "VCSELs will have a significant impact on datacom and telecom market in the years ahead. Avalon has developed a unique technology that will allow them to gain a significant portion of this fast growing market. Vision Capital is very pleased to participate in this Trans-Atlantic syndicate together with Intel Capital and Viventures."
Intel Capital, Intel s strategic investment program, focuses on making equity investments and acquisitions to grow the Internet economy, including Internet infrastructure, content and services in support of Intel s strategic interests. In Europe, Intel Capital invests through Intel Atlantic, Inc., a subsidiary of Intel Corporation.
Contact: Karlheinz Gulden, E-Mail: karlheinz.gulden@avap.ch John Humphries, E-Mail: john.humphries@avap.ch
Avalon Photonics Ltd. Badenerstrasse 569, CH-8048 Zürich, Switzerland Tel: +41 1 497 1414 Fax: +41 1 497 1400 http://www.avalon-photonics.com
PR Contact: Barbara Maddison Tel: +44 (0)1252 702886 Fax: +44 (0)1252 702686 E-mail: barbara@maddison.org
Press release issued on November 20, 2000.
Barbara MaddisonTel: +44 (0)1252 702886
Fax: +44 (0)1252 702686
E-mail: barbara@maddison.org
Press release issued on November 20, 2000.
E-mail: barbara@maddison.org
Web site: http://www.avalon-photonics.com
