Internet Photonics Closes 3rd Funding Round

SHREWSBURY, N.J. and MARLBOROUGH, Mass., August 2 -- Internet Photonics Inc. announced it has closed its third round of venture financing for $31 million with new investors ComVentures, which led the round; TeleSoft Partners; and previous investors Sprout Group and New Venture Partners LLC.

As a result of the financing, Cliff Higgerson, general partner and co-founder of ComVentures, will join Internet Photonics' board of directors.

To date, Internet Photonics has raised $63 million since it opened in October 2000. The new funding will be used for increased sales, marketing and customer support activities, as the company expands its domestic and global market presence and gears up for projected near-term customer shipments of its solutions for the service provider and cable operator markets. The company said it expects to become cash-flow positive in 2003.