Movaz Networks Closes $60 Million in Funding

ATLANTA, May 6 -- Movaz Networks, provider of optical networking solutions for the Metro Edge, Metro Access and Metro Core, has announced the closing of $60 million in funding consisting of Series C financing and a strategic business agreement.

Eight existing and new investment firms participated in the financing, including Oak Investment Partners, Worldview Technology Partners, Menlo Ventures, Meritech Capital Partners, Anschutz Investment Co., Telus Ventures, Silicon Valley BancVentures Inc. and GATX Ventures Inc.

Bijan Khosravi, CEO, Founder and Chairman of Movaz Networks, said "We anticipate this to be our last round of funding as our revenue ramp continues to be strong going into the second quarter with a very positive outlook for the remainder of the year. This funding will provide us with the financial strength to secure and support the major carriers we are engaged with."

Movaz Networks has been shipping products since the first quarter of 2001 and has won several multimillion dollar customer contracts. It has also leveraged strategic partnerships, including a manufacturing and operations solution with Flextronics.