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Article: WAVESMITH LANDS CIENA FOR FUNDING.(WaveSmith Networks )
- Article from:
- Network World
- Article date:
- October 21, 2002
- Author:
CopyrightCOPYRIGHT 2002 Network World, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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ACTON, MASS. - Multiservice edge switch maker WaveSmith Networks has landed $30 million in new funding, including $5 million from a major vendor - Ciena - that will help bring the start-up's switches to market.
Lead investors in WaveSmith's $30 million third round include first- and second-round participants Atlas Venture, Bessemer Venture Partners, Commonwealth Capital and Fidelity Ventures. Argonaut Private Equity joins Ciena as a new investor in WaveSmith.
The third round makes WaveSmith cash-flow positive and would take the company into 2004 even without revenue. But WaveSmith already is taking revenue and three of its customers are Vanion, Ben ...