|
CORONA OPTICAL SYSTEMS SECURES $7.5M IN VENTURE EQUITY FINANCING
LOMBARD, IL - February 21, 2003—Corona Optical Systems, a leading provider of
parallel optical modules, today announces that it has raised $7.5 million in its Series
B round of funding. Led by Megunticook Management and Sterling Holding Company, the
round also includes new funding from Corona’s previous investors Intel Capital,
KB Partners, and Venture Investors. As part of the funding agreement, Megunticook
partner James Houghton and Sterling CEO Joe Norwood will join Corona’s Board
of Directors, where they are accompanied by Founder and Chairman Bryan Gregory of
Corona, and KB Partners Managing Director Robert Garber. Corona will use funds from
the investment to accelerate its growth and expand its sales.
Corona Optical Systems’ key technologies focus on high-speed parallel optoelectronic
modules and subsystems for switching and routing equipment. Corona’s initial
product, the OptoCube™ 40, represents state of the art small, high channel-count
optical transmitter and receiver modules.
Scott Higgins, President and CEO of Corona, stated, "We’re pleased with
Corona's ability to raise funds in this current environment. Funding from this round
will enable us to further extend our market success, continue the volume manufacturing
ramp and support our growing sales to a diverse global customer base."
James Houghton, of Megunticook Management, added, "Megunticook is delighted
to be joining the Corona team. It is exciting to be a part of a company that combines
Corona's innovative product platform, strong management team, and significant customer
traction." Commenting on behalf of Sterling Holding Company, Joe Norwood agreed,
"The current technical challenge in the market is enabling higher bandwidth delivery
at lower costs in order to expand and grow the network customer base. Our companies
are focused on this, and Corona is a solid fit with our objective."
This latest infusion follows the company’s previously announced Series A round
in March 2001, and a previously unannounced $2 million inside round in April 2002.
About Corona Optical Systems
Corona Optical Systems, Inc. is a pre-IPO technology company with facilities in Lombard,
Illinois and Eau Claire, Wisconsin. Corona was incorporated in February 2000. Its
products include high-speed optoelectronic subsystems and components for carrier-class
equipment. For more information visit www.coronasys.com.
About Megunticook Management
Boston based Megunticook Management invests in promising media, communications, and
technology companies at the earliest stages of their development cycles. For more
information, visit www.megunticook.com.
About Sterling Holding Company
Sterling Holding Company is the parent of Trompeter Electronics Inc. of Westlake Village,
CA and Semflex, Inc. of Mesa, AZ. Trompeter produces RF interconnect end products,
fiber optic products and DS3 cross-connects for the telecom central office, television
broadcast, military aerospace and instrumentation markets worldwide. Semflex is a
custom manufacturer of microwave cable and cable assemblies for high frequency, high
bandwidth device to device interconnects. For more information, visit www.trompeter.com
or www.semflex.com.
About Intel Capital
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. For more information,
visit www.intel.com/capital.
About KB Partners
KB Partners is a Chicago-based venture capital firm focused on investments in early-stage
technology companies in the Midwest. KB's objective is to build dominant new enterprises
by working in partnership with talented entrepreneurs and experienced managers. For
more information, visit www.kbpartners.com.
About Venture Investors
Venture Investors - Madison, WI is the manager of early stage venture capital funds
primarily serving Wisconsin and the Midwest. Since 1984, the partners have worked
together in identifying, financing, and providing value added resources to seed and
early stage companies. For more information, visit www.ventureinvestors.com.
Contact Information
Bryan Gregory
Corona Optical Systems, Inc.
450 Eisenhower Lane N
Lombard, IL 60148
Tel: (630) 705-1776
Fax: (630) 705-1768
|
