Picolight Raises $38.9 Million in Third Funding Round

BOULDER, Colo., Nov. 1 -- Picolight Inc. has netted $38.9 million in its third round of funding, its most lucrative round to date. The round was led by Pequot Private Equity Fund III L.P., and included first-time investors Cisco Systems Inc. and Corning Inc., as well as existing investors such as Bank of America Ventures and Charles River Ventures. The proceeds will allow Picolight to speed up the manufacture of its vertical-cavity laser-based, 1-30 Gb/s fiber optic components, accelerate and expand research, and develop and supplement marketing, the company said.
The funding is a clear indication of support for Picolight's vision and focus on high-speed fiber optic interconnects for backplanes, switching centers, metro and access networks, said Stan Swirhun, CEO of Picolight. Picolight is a supplier of networking components to the telecom and storage networking industries.