BTI Photonics Secures $12 Million Investment

OTTAWA, Canada, Feb. 19 -- BTI Photonics Inc. has received $12 million in financing from venture capital firms. Investors were BCE Capital, Lucent Venture Partners, Primaxis Technology Ventures, Kodiak Venture Partners and Purple Angel, an angel investor group consisting of mostly former Nortel executives. In April 2000, Primaxis and Kodiak Venture Partners contributed CDN $2.5 million in financing. To date, Primaxis is the largest investor of BTI.
"BTI has a strong management team, a strong business plan and a product that is certain to grow in an emerging market. The experienced team has accomplished major technology breakthroughs for the hot DWDM marketplace. These are all the particulars we look for in potential investment opportunities," said David McCarthy, managing director, BCE Capital. "We are pleased to be working with BTI and the other investors who share our approach and expectations."
Recently, BTI has shifted its focus from fiber-optic network test equipment to the optical components marketplace by establishing a manufacturing facility in Ottawa. As the transition into the component market unfolds, BTI will be recruiting between 50 and 60 new employees over the next year.