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Innovance Networks, a Piscataway, N.J.-based optical networker, said it has closed its Series B financing with more than $55 million in venture capital.
The company had support from both existing and new investors. JDS Uniphase (Quote) and Corning (Quote) participated in the round. as key industry investors. Seven major investment firms also participated in the round: Advanced Technology Ventures (ATV), Morgenthaler, Thomas Weisel Capital Partners, Azure Capital, Banc of America Securities LLC, Kalkhoven, Pettit & Levin Ventures and Archery Capital.
The largest investor in this round was ATV, officials also said. Jack Harrington, a general partner at ATV, will be joining Innovance Networks' board of directors.
The new funds will be used to support the commercial launch of Innovance Networks' industry-leading agile, photonic networking system, which follows the successful completion of testing and trials with several major North American service providers.
The Innovance Networks suite of products, company officials said, is the first of a new breed of agile, photonic networking solutions, which allows service providers to deploy "automated" core networks. The system replaces today's static point-to-point WDM networks with an intelligent, dynamic architecture which delivers rapid, "touch-less" provisioning, in addition to providing significant capital and operational cost savings.
Innovance Networks is in the final stages of product development and the platform will be commercially available in the second quarter of this year, the company added.
Innovance Networks has over 310 employees located in Ottawa, Ontario, Canada and at its Piscataway headquarters. The Innovance Networks portfolio will be manufactured at the company's new operations facility in Ottawa, Canada.