AcceLight Networks Receives $60 Million in Funding

PITTSBURGH, Pa., Nov. 20 -- AcceLight Networks Inc. said it received $60 million in new equity and debt financing, which it will use primarily for strategic investment in product development and research and to expand its sales and customer engagements in key North American and international markets.

In addition to AcceLight's initial investors, Menlo Ventures and Venrock Associates, the company attracted new venture capital from CDIB Ventures, Granite Global Ventures, Mitsubishi Corp., NIF Ventures, Stonewood Capital Management, Western Technology Investment, Whitecastle Investment and Vertex Management.

AcceLight's suite of photonic service switching systems, The PhotoniX family, includes the PhotoniX Switch 540 and the PhotoniX Core Manager.

"Photonic service switching addresses the issues at hand -- OPEX and CAPEX reduction -- with continued service differentiation for higher-margin offering for service providers," said Joo-Hock Chua, senior vice president, Vertex Management, co-lead investor in AcceLight's second round. "As such, photonic service switching will play a significant role in the near- and long-term growth of the telecommunications industry."