LOMBARD, IL - February 25, 2003. Corona Optical Systems has raised $7.5 million in its Series B round of funding. Led by Megunticook Management and Sterling Holding Company, the round also includes new funding from Corona's previous investors Intel Capital, KB Partners, and Venture Investors. Corona will use funds from the investment to accelerate its growth and expand its sales.
As part of the funding agreement, Megunticook partner James Houghton and Sterling CEO Joe Norwood will join Corona's Board of Directors, where they are accompanied by Founder and Chairman Bryan Gregory of Corona, and KB Partners Managing Director Robert Garber.
Corona Optical Systems' key technologies focus on high-speed parallel optoelectronic modules and subsystems for switching and routing equipment. Corona's initial product, the OptoCube 40, represents state of the art small, high channel-count optical transmitter and receiver modules.
Scott Higgins, President and CEO of Corona, stated, "We're pleased with Corona's ability to raise funds in this current environment. Funding from this round will enable us to further extend our market success, continue the volume manufacturing ramp and support our growing sales to a diverse global customer base."
James Houghton, of Megunticook Management, added, "Megunticook is delighted to be joining the Corona team. It is exciting to be a part of a company that combines Corona's innovative product platform, strong management team, and significant customer traction." Commenting on behalf of Sterling Holding Company, Joe Norwood agreed, "The current technical challenge in the market is enabling higher bandwidth delivery at lower costs in order to expand and grow the network customer base. Our companies are focused on this, and Corona is a solid fit with our objective."
This latest infusion follows the company's previously announced Series A round in March 2001, and a previously unannounced $2 million inside round in April 2002.
Corona Optical Systems, Inc. is a pre-IPO technology company with facilities in Lombard, Illinois and Eau Claire, Wisconsin. Corona was incorporated in February 2000. Its products include high-speed optoelectronic subsystems and components for carrier-class equipment.
For more information, visit www.coronasys.com .