Intel, Cisco, Corning Join in $63 Million Start-Up Funding

SAN FRANCISCO, March 7 -- Intel Corp., Cisco Systems Inc. and Corning Inc. have joined to provide $63 million in financing for Gemfire, a start-up aiming to make the processing power of optical network components grow at the impressive rates set by integrated-circuits. Founded in late 1995, Palo Alto, Calif.-based Gemfire has now raised more than $85 million to develop fiber optic components and their capacity.
Joining Intel, Cisco and Corning as Gemfire's other corporate investors were optical subsystems provider Finisar Corp. and communications component maker TriQuint Semiconductor. Gemfire's initial investors, venture capital firms Kleiner Perkins Caufield & Byers, Mohr Davidow Ventures, Spring Creek Partners and Hook Partners, also joined in the deal.