+44 (0)24 7671 8970
More publications     •     Advertise with us     •     Contact us
 
News Article

AGILITY COMMUNICATIONS BANKS $83M IN THIRD FUNDING ROUND LED BY GENERAL MOTORS INVESTMENT MANAGEMENT CORP.

Source: Agility Communications

Award-Winning Leader of Widely Tunable Lasers for Metro, Switching, and Long-Haul Markets Prepares for Next Phase of Innovation and Growth

Agility Communications, Inc., the award-winning leader in providing widely tunable lasers for the metro, switching, and long-haul markets, announces today that General Motors Investment Management Corp. is leading its third round of venture funding worth $83 million. This round brings the total amount of funding, including lease lines, to over $186 million, a testament to the confidence investors have in Agility s ability to maintain its lead in the widely tunable laser market. Today, Agility is also announcing the appointment of two additional board members in conjunction with this funding news (see accompanying board release).

Heavily funded by existing investors Morgenthaler Ventures and U.S. Venture Partners, the round is also joined by noteworthy strategic investors, CIENA Corp. and Tellabs, two of the optical networking industry s leading equipment manufacturers. Agility also received strong financial support from existing investors Meritech Capital Partners and Worldview Technology Partners, and from new investors Alliance, Global Strategic, and Granite Global Ventures. Goldman Sachs, a leading global investment banking and securities firm, served as an agent for the company.

Agility is the first and currently only tunable laser company to ship production quantities of widely tunable lasers to multiple customers and samples to more than 35 customers. Providing breakthrough integrated solutions in optical networking infrastructure, Agility meets the price and performance requirements of the metropolitan-core, switching, and long-haul markets, while dramatically reducing the cost and complexity of providing agile networks. Agility s solutions are designed-in by optical equipment manufacturers to help service providers deliver high bandwidth and maximize existing network resources at the lowest cost.

"It is clear that Agility has garnered acceptance as the leader in widely tunable lasers within the optical networking industry and among the greater financial community based on its rapid customer traction," said Charles Froland, managing director of GM Investment Management Corp. "We have been enormously impressed with Agility s team of executives and the company s ability to deliver innovative, integrated laser technology to the marketplace, especially during these turbulent economic times. GM Investment Management is confident that Agility will continue to gain a significant share of the widely tunable laser market, cementing its position as the leader of this category within the optical networking industry."

"We are exceptionally pleased with this vote of confidence by new and existing investors," said Ron Nelson, president and CEO of Agility Communications, Inc. "With the significant financial support demonstrated in this large funding round and the ongoing diligence of every Agility employee, we can fulfill our mission of taking the lion s share of the widely tunable laser market."

Industry Validation ElectroniCast, Corp., a technology-based independent forecasting firm, forecasts that the global DWDM optical component market will grow from $2.85 billion in 2000 to over $8.4 billion by 2004.

"As evidenced by the sheer number of Agility customers that are receiving widely tunable lasers today, the scale of this investment round and the quality of the investors, Agility is further demonstrating its power to execute, even in this volatile economy," said Stephen Montgomery, president of ElectroniCast Corp. "ElectroniCast is in the business of forecasting demand for specialized communication network products and services. We have watched Agility closely over the last year and a half and have witnessed the strides they ve made. Agility is focused on delivering integrated laser solutions as well as providing the greatest value to their customers. ElectroniCast fully expects demand to grow and volume of production to significantly increase, therefore Agility should continue to execute on their strategy."

About Agility Communications, Inc. Agility Communications, Inc., the leader in pioneering widely tunable lasers for metro, switching, and long-haul markets, is providing the lowest total cost of ownership and dramatically reducing the costs and complexity of supporting agile networks. The company has been named one of Light Reading s Top 10 Privately Held Companies, has won the Technologic Partners Optix 2001 Investor s Choice award, and was listed in UPSIDE Magazine s "Hot 100" private companies for 2001. Agility has also been highlighted in several "Hot Companies to Watch" lists including, BusinessWeek and Lightwave Magazine.

Founded by a team of optical networking and semiconductor veterans in Oct. 1998, Agility is headquartered in Santa Barbara, California and has manufacturing facilities in Allentown, Pennsylvania. Agility investors include: Alliance, Amerindo Investment Advisors, CIENA Corp., Comdisco Ventures, Dell Ventures, GM Investment Management Corp., Global Strategic, Granite Global Ventures, Meritech Capital Partners, Morgenthaler Ventures, Mustang Ventures, Tellabs, U.S. Venture Partners, and Worldview Technology Partners. For more information about Agility solutions visit www.agility.com, send email to info@agility.com or call 805-690-1700.

Agility Communications and the Agility logo are trademarks of Agility Communications, Inc. in the United States and other countries. All other company and product names mentioned are the trademarks or registered trademarks of their respective companies

Trainer Public Relations
Heidi Groshelle
(415) 563-1893
heidi@trainerpr.com
  ag@trainerpr.com
E-mail: ag@trainerpr.com
Web site: http://www.agility.com

×
Search the news archive

To close this popup you can press escape or click the close icon.
×
  • 1st January 1970
  • 1st January 1970
  • 1st January 1970
  • 1st January 1970
  • View all news 22645 more articles
Logo
×
Register - Step 1

You may choose to subscribe to the Compound Semiconductor Magazine, the Compound Semiconductor Newsletter, or both. You may also request additional information if required, before submitting your application.


Please subscribe me to:

 

You chose the industry type of "Other"

Please enter the industry that you work in:
Please enter the industry that you work in: