August 18, 2005, Louisville, CO--Picolight has completed a $27.5 million funding effort, with the addition of $14.5 million in a combination of new equity investment and debt financing.
Picolight will use the latest round of investment to expand its operations, scale its manufacturing process to meet growing customer demand, and extend its 1310-nm VCSEL products from 4-Gigabit fibre channel to 10-Gigabit Ethernet at long-reach over single-mode fiber. Picolight's revenues and bookings for the past 12 months doubled year-over-year as the company continued to strengthen its product offering and expand its customer base.
"The completion of this funding round combined with our increased sales performance positions us to invest in new technologies to meet the needs of our growing customer base and establishes us as a market leader for high-performing enterprise, storage area and metro network interconnect technology," said Steve Hane, Picolight's president and chief executive officer. "This funding round will take us well past our financial break-even goal as we continue to strongly support our customers with the best products to help move their business forward."