December 13, 2005 Santa Clara, CA -- Redfern Integrated Optics (RIO), a developer of high-performance optical transmitters for telecommunications and data transmission markets, announced that it has secured an additional $2.2 million from GE Capital Equity Investments and Jolimont Ventures, bringing the company's total amount of funding raised to $8.4 million.
RIO says the additional financial support finalizes the company's third round of funding; the company completed its first round of $6.2 million in July, led by Advent International, Tallwood Venture Capital, TMT Ventures, and Redfern Photonics. In connection with the new financing, Stephen Ezekiel of GE Commercial Finance joined RIO's board of directors.
"We are pleased to close this round with the additional financing provided by new equity investors," says Radu Barsan, president and CEO of RIO. "RIO is in an excellent position to meet the exacting requirements of our customers in the communications industry and deliver on its product roadmap, starting with 40/80-km and DWDM cost-effective 10-Gbit/sec transmitters."
"RIO is bringing an alternative and superior technology to an industry in dire need of high-performance, low-cost component solutions," comments Stephen Ezekiel, senior vice-president GE Commercial Finance Asia. "We look forward to working with the company as it grows revenue and gains market share."
RIO says that funding from this latest round will enable the company to complete the development and qualification of its first line of products, broaden its product portfolio, diversify its customer base and markets served, and accelerate its manufacturing capabilities.
"The progress made by RIO and its Sydney subsidiary in commercializing a viable and cost-effective solution for metro optical networks at 10 Gbit/sec is impressive," concludes Lex McArthur, partner at Jolimont Ventures. "As the number of 10-Gbit/sec ports increases over the next couple of years, RIO is poised for a substantial market opportunity."