Optovation, an Ottawa, Ontario, Canada-based developer of advanced fiber optical modules, announced a second closing of an additional US$3 million funding from RBC Capital Partners to complete a US$23 million Series B round of funding.
This brings the total venture capital raised by the company to US $37 million. The funding will be used to complete current product development and evolve the company's activities in sales and product delivery, company officials said.
The lead investors in this round were Altamira Investment Services Inc. and Newbury Ventures. Joining existing investors New Enterprise Associates and Redwood Ventures in this round were new investors RBC Capital, Desjardins Venture Capital Group, the Ottawa office of Investissement Desjardins Inc. and BMO Nesbitt Burns Equity Partners.
Optovation was founded in December 1999. The company is building advanced "smart components" which enable the intelligent optical network. By integrating optical spectrum analysis and data monitoring capability within a single unit, Optovation's OPM delivers disruptive reductions in footprint and amortizes the electronics cost for data monitoring over many wavelengths in a dense wavelength division multiplexing system.
The company's next product, an all-optical wavelength converter (AOWC) module, further enables a bit rate and protocol independent all-optical network.
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