Proximion Fiber Optics Gains SEK 28 Million with New Issue
STOCKHOLM, Sweden, April 26 -- The technology company Proximion Fiber Optics AB raised an additional SEK 28 million, bringing its total capital to SEK 65 million.
Proximion recently attended the Optical Fiber Communication convention in Anaheim, Calif., where the company's monitoring device for fiber optic networks, WISTOM, attracted much attention. With its unique design, it can diagnose the entire spectrum of channels in each fiber and can quickly determine if and when faults arise (within 10 milliseconds). Correctly used, WISTOM can prevent faults and the loss of information, in particular when IP solutions are provided over optical fiber. WISTOM will be released as an engineering sample during the summer and pilot production is planned before the end of the year.
"This is a confirmation that we are on the right path," said Raoul Stubbe, Proximion's co-founder and managing director. "In an otherwise grim investment climate, this shows that our investors strongly believe in our technology and our ability to achieve established goals."
The new investment comes from InnovationsKapital, Jan Hummel and a group of Canadian investors.
"Proximion is a company with strong potential," said Staffan Ingeborn, managing director at InnovationsKapital, one of Sweden's leading venture capital players. "The fiber optic market is in an interesting phase and is developing quickly. The need for technical monitoring solutions is very large. Proximion now holds an excellent position for meeting the challenges and demands that the market will place. They've managed to attract the right expertise both to company management and to the development group. At the same time, their technological solutions are at the front line of future needs."
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