Calient Networks Lands $225 Million in Financing

SAN JOSE, Calif., Jan. 10 -- Calient Networks, developer of intelligent, all-photonic switching systems and software, has netted $225 million in its round of financing. BlueStream Ventures led the round, which includes equity investments of more than $195 million and lease commitments of up to $30 million. Strategic investors participating in the round included Juniper Networks Inc., Marconi, Tellabs and ONI Systems. Also participating were financial institutions such as Invesco, American Express Financial Corp., J. & W. Seligman & Co., Amerindo Investment Advisors and TeleSoft Partners.
Proceeds will be used to fund Calient's move into commercial release and volume production of the DiamondWave photonic switching system, with first deliveries scheduled for early 2001. The microelectromechanical systems-based DiamondWave switch is in the midst of completing the first of three phases of interoperability testing with a range of network elements, positioning it to perform dozens of applications in service provider networks.