Innovance Networks Secures $88 Million

OTTAWA, Feb. 28 -- Innovance Networks, a privately held optical networking company, has closed its Series B financing, raising over $88 million in venture capital. This was the result of strong support from both existing and new investors. JDS Uniphase and Corning contributed as key industry investors.

The new funds will be used to support the commercial launch of Innovance Networks' industry-leading agile, photonic networking system, which follows the successful completion of testing and trials with several major North American service providers.

In addition to Corning and JDS Uniphase, seven major investment firms participated in this round of funding: Advanced Technology Ventures (ATV), Morgenthaler, Thomas Weisel Capital Partners, Azure Capital, Banc of America Securities LLC, Kalkhoven, Pettit & Levin Ventures and Archery Capital. The largest investor in this round was ATV. Jack Harrington, general partner at ATV, will join the board of Innovance Networks.