14 April 2003 Livermore, CA Lightwave -- Alloptic, a provider of Gigabit Ethernet optical access solutions, secured $35 million in its latest round of financing. Existing investors GMG Partners and Athenian Venture Partners are leading the fourth round.
"Our ability to secure additional funding in the current investment market validates our company's vision, products, and team," said Mike Moone, president and chief executive officer of Alloptic. "Our employees have worked hard to achieve our position as the market leader in optical access solutions, and this round clearly demonstrates the commitment of our investors to our continued growth."
Alloptic broadband technology delivers bundled data, video, and voice services over optical fiber directly to businesses and residences. Founded in 1999, Alloptic focuses on Ethernet passive optical networking, and is working to help shape industry standards for this technology.
"Alloptic is clearly redefining the access network. The company offers unmatched bandwidth and speeds for access to the core network and its products serve a broadest array of customers¿single-family homes, multi-dwelling units, and businesses," said Joachim Gfoeller, managing general partner, GMG Partners.
In the past year, Alloptic introduced several new products including the GEMS carrier-class element management system, and mduGEAR, which was designed specifically for multi-dwelling units. The company has also signed multiple agreements with customers throughout the United States, including Nicholville Telephone (NY), Central Texas Technologies (TX), and Greenfield Communications (CA), as well as the City of Cheney, Washington.
"The diversity of Alloptic's customer base will help the company survive and grow despite the difficult world economy and the current slowdown in the telecommunications industry," said Karl Elderkin, partner, Athenian Venture Partners. "Overseas demand remains strong including large-scale carriers, and here in the U.S., Alloptic serves a wide variety of independent telcos, green field developers, and municipalities."
Alloptic has started the OSMINE (Operations Systems Modification of Intelligent Network Elements) compliance process, which will certify its products as carrier-class and is required by many major telecommunications companies. In addition, Alloptic's GigaForce family of products have received the Rural Utilities Service acceptance, which allows rural telephone and utilities companies access to federal funds to purchase Alloptic equipment.
Alloptic will use this new round of financing to help fuel its engineering, customer support, marketing and sales capabilities. Specifically, the company will accelerate the development of new products and feature sets.