Wave7 Optics Closes $23 Million Second Round Financing

ALPHARETTA, Ga., Feb. 27 -- Wave7 Optics Inc., a developer of optical access equipment for the fiber-to-the-home and business market, has raised a second round of funding totaling $23 million, bringing the company's total funds raised to $32 million. Advanced Technology Ventures led the Series B round with new investors Mellon Ventures and Armada Venture Partners, while founding investors Morgenthaler and Lucent Venture Partners also participated in the round. Additionally, Jack Harrington, general partner of Advanced Technology Ventures, will join the Wave7 board of directors.

Wave7 is developing a high-bandwidth, dynamically provisionable, optical access system to address the "last mile" of broadband Internet connectivity, a market projected to reach $3.8 billion by 2004.