[March 18, 2002]
Polaris Networks Completes $52 Million In Funding
Polaris Networks, a
developer of new generation optical transport switching systems, announced
completion of $52 million in new venture funding. This brings the total
funds raised by Polaris Networks to $74 million since its incorporation in
June 2000, and represents the largest round raised in metro core network
equipment since the start of this year.
The latest funding was led by Advanced
Technology Ventures (ATV), with other new equity investors including
WK Technology, First Hand Capital
Management, Granite Global Ventures,
Riverside Management Group, Presidio
Venture Partners, Western
Technology Investment, Pac-Link
Management and KTB Ventures.
Previous investors, Redpoint
Ventures, Venrock Associates and SToRM
Ventures, also participated in this round.
"Completion of this new round of funding confirms that Polaris'
solution is solidly on target. Despite very challenging market conditions,
we have strong engagement from both service provider customers and the
investment community," said Ray Kao, CEO and CTO of Polaris.
"With our emphasis on dramatically reducing network costs and
operations, we enable carriers to simplify one of the most expensive and
complex parts of their networks, while providing a smooth migration to a
new generation architecture. The fact that we are on track to deliver a
solution that is uniquely positioned with a strong value proposition has
made Polaris stand out as an attractive investment. We are pleased to add
these new investors to the top-tier venture capitalists already supporting
the company."
"After rigorous scrutiny, Polaris has met our criteria of solid
customer traction, solid plans for execution, and effective balance
between immediate opportunities and the long-term potential in transport
switching infrastructures," added Jack Harrington, General Partner of
Advanced Technology Ventures and new Polaris board member. "We have
strong confidence in the team, the solution, the timing and the space they
serve."
"The metro core is emerging as the center of network expansion,
requiring systems that optimize bandwidth management and switching that
incumbent solutions cannot deliver", emphasized Scott Clavenna,
President of PointEast Research. "This has created a significant and
lasting opportunity for well-funded startups like Polaris."
Proceeds will be used to fund working capital, marketing and
operational expansion. The company is well funded to complete initial
product development, upcoming carrier trials, planned technical
certifications and commercial delivery.
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