Optical Switch Corp. Raises $58 Million

RICHARDSON, Texas, April 13 -- Optical Switch Corp. has received $58 million from a strategic investor and several financial institutions. The company's investors include ADC Ventures, JT Venture Partners LLC, KMF Partners LP, Petros Capital LLC, Putnam Investment Management Inc., Tudor Investment Corp. and Wellington Management Co. LLP. The company said previous rounds were funded primarily by affiliates of William K. Woodruff, III, who raised the initial $3.25 million in seed capital for Ciena Corp. in 1994.
Optical Switch is making significant strides in the development of optical components and the strong financial support they are receiving is testament to their product development and potential for growth, said Gokul Hemmady, managing director of ADC Ventures. ADC is pleased to team with other leading venture groups in support of Optical Switch. The investment in Optical Switch Corp. is among the first commitments to be made by ADC Ventures, the venture capital arm of ADC Telecommunications.