iPhotonics Gets $28.9 Million in Funding

GLEN BURNIE, Md., Oct. 11 -- iPhotonics closed its third round of funding with $29 million in funding led by Bowman Capital, a Silicon Valley investment firm. Abell Ventures, an ongoing supporter of iPhotonics, also contributed to the company's latest round of funding along with Cisco Systems, Weiss and Peck & Greer Venture Partners among others. iPhotonics is a supplier of optical integration services.
In addition, iPhotonics closed on a loan facility with VentureBank@PNC totaling $5 million. The company will use the funding to finance future growth in revenues, as well as add to necessary infrastructure and working capital, the company said.
We are gratified to have the opportunity to work with these investors, said Susan L. Trumbule, iPhotonics' president and CEO. They strengthen our ability to meet current customer needs and position us to meet future funding requirements that may arise as this space continues to rapidly expand.