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IntelCore Gains $7.5 in Credit
February 27, 2002
By Bob Woods
Boston-based IntelCore Technologies Inc. said it has secured $7.5 million of debt financing with Comerica (Quote), bringing the company's overall funding to approximately $42 million.
IntelCore is a developer and manufacturer of specialty optical fiber for the Photonics industry. The new-found cash will be used to finance new equipment and other working capital for its new Advanced Development and Manufacturing headquarters currently under construction in Grafton, Mass., near the intersection of Interstate 90 and Route 495. Construction is well underway and the company will transition from Boston to Grafton by mid-2002.
The credit facility with Comerica follows two rounds of investment financing received by IntelCore in 2000 and 2001 from noted firms Megunticook Management, St. Paul Venture Capital, Technology Venture Partners, Tudor Ventures Group and Beacon Telco.
IntelCore said its balanced funding will allow it to rapidly build and equip its new facility to meet the demand for innovative specialty optical fiber. The company was co-founded in 2000 by industry veterans Dr. Abdel Soufiane and William `Bill' Beck, and is based on a business model that focuses on technology innovation and on providing growing component and module manufacturers with rapid product development and flexible, high-volume manufacturing.
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