T-Networks Receives $29 Million in First Round Financing
Source: T-Networks
Top Venture Capital Firms Back Leading Edge Fiber Optics Provider
Allentown, PA. T-Networks, a provider of leading edge solutions for next-generation optical systems, announced today that it has completed its first round of funding, raising an aggregate of $29 million. Greylock Partners and US Venture Partners led the funding round. The company also received significant investments from Sequoia Capital and Incubic, among others. T-Networks solutions are targeted at 40 Gb/s and above components and subsystems that will enable next generation optical networking systems.
"As an investor, I m very excited about the potential of T-Networks as a key supplier to systems vendors and service carriers that are fueling the race to 40 Gb/s ," said Winston Fu, general partner at US Venture Partners. "All indicators are that the 40 Gb/s market will provide a huge opportunity to companies that provide enabling components. The team is loaded with the talent needed to develop this technology into a highly differentiated product."
"T-Networks has assembled a world-class team of optical networking experts who are uniquely qualified to tackle the challenges of tomorrow s ultra-high speed photonics systems," said David Aronoff, general partner at Greylock Partners. "We are impressed by their vision and excited to be a part of this opportunity."
"We are extremely excited about the company s strong funding syndicate," said Steve O Brien, CEO of T-Networks. "Securing this level of funding and experience from these leaders in the venture community supports T-Networks vision of establishing a world-class organization focused on ultra-high speed products."
About Greylock Partners
Greylock is a private venture capital firm, founded in Boston in 1965, with committed capital of over $1 billion under management. Over the past 35 years Greylock has provided equity capital and support to more than 350 developing companies, many of which have gone on to become leaders in their respective industries. Of these companies, over 160 have become publicly held, with a market capitalization in excess of $100 billion, while another 100 have merged successfully with other companies. http://www.greylock.com/
About US Venture Partners
Since inception in 1981, USVP has raised more than $1.5 billion in seven funds, including a $600 million fund that closed in December 1999. To date, over $700 million has been invested in more than 240 early stage companies. Many of these companies where USVP was the "founding" lead investor, such as Sun Microsystems, New Focus, Nuance, Blue Martini, Stratacom/Cisco, MMC Networks, AMCC, and Check Point Software, have become the leading companies in their respective fields. In fact, 58 USVP portfolio companies are now public companies with an aggregate market capitalization of over $140 billion. These 58 companies generate more than $20 billion in annual revenue and employ more than 80,000 people. Many others have been acquired and become part of industry leading companies. http://www.usvp.com/
About T-Networks
T-Networks was founded in July 2000 to address the need for high-speed solutions with convenient customer interfaces, enabling optical network infrastructure companies to offer next generation optical systems. For more information, please visit http://www.tnetworksinc.com, send email to hr@tnetworksinc.com.
Contact: T-Networks, Allentown Steve O Brien Tel: 610/266-1778 x1962 or Aaron Bond Tel: 610/266-1778 x1964
T-Networks, Allentown
Steve O Brien
Tel: 610/266-1778 x1962
or
Aaron Bond
Tel: 610/266-1778 x1964
E-mail: hr@tnetworksinc.com
Web site: http://www.tnetworksinc.com
