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  • Photonics Control Secures $10.1 Million
Jul 2003
OTTAWA, Canada, July 9 -- Intelligent Photonics Control Corp., a provider of system-on-a-chip controllers for optical devices, announced it secured $10.1 million in second-round venture financing on June 30. This funding is intended to bring the company to profitability.

CEO Richard Timmons said, "We have seven paying customers who have already integrated engineering samples of our controller chips into their products, including optical amplifiers (EDFA, SOA, LOA, VMUX/VDEMUX, OPM, DGE and VOA). We have also demonstrated our controller with optical devices from another fifteen potential customers, including all of the large optical component manufacturers. The number of new customers we have engaged with in the past year clearly shows that we are meeting their key requirements for optical control, and are offering compelling value in terms of price, features, and footprint."

The new funding will be used to generate additional sales with Tier One customers and to accelerate product development, marketing and customer support activities as the company expands its global market presence.

In addition to CDP Capital-Technology Ventures, all of Photonics Control's first round investors participated in the second round (Ventures West, Novacap, Business Development Bank of Canada and SpringBank TechVentures).

As a result of the financing, Francois Cordeau of CDP Capital will join Photonics Control's board of directors. This round brings the total investment to date to $15.7 million.

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