| |
AXSUN
TECHNOLOGIES COMPLETES $36-MILLION ROUND OF FUNDING FOR NEW CLASS
OF OPTICAL SUBSYSTEM PRODUCTS
Billerica, MA, January 19, 2000 — AXSUN Technologies Inc.,
a manufacturer of Agile Photonic Subsystems has announced the completion
of a $36 Million Series B round of financing.
AXSUN will utilize this funding to rapidly build out its manufacturing
facility, and expand production capacity. The company also plans
to accelerate its staffing plan, more than doubling the number
of employees over the next 5 months.
Bowman Capital Management led the round, with Bessemer Ventures,
Pivotal Asset Management, the Photonic Fund, Goldman Sachs & Co.
and Essex Investment Management joining as new investors in the
company. AXSUN’s Series A investors: Prism Venture Partners,
Vantage Point Venture Partners, Ray Stata, Chairman of Analog Devices
Inc., and SSanyong Cement also participated in the Series B financing.
"AXSUN’s hybrid optical integration packaging platform
enables order-of-magnitude improvements in size, functional density,
and
cost of manufacturing," stated Dr. Dale Flanders, President
and CEO of AXSUN Technologies "The size and performance benefits
of the AXSUN platform offer a unique value to customers seeking
to innovate, while reducing cost and time to market for their optical
networking solutions."
"We are delighted to have been chosen to lead the expansion
stage financing at AXSUN," said Spencer Punter, general partner
of Bowman Capital Management. "AXSUN is defining a new category
of optical subsystems with innovative products and manufacturing
capabilities."
Back
© AXSUN Technologies |
|
About AXSUN Technologies
AXSUN Technologies has been established to develop and manufacture a new class
of photonic subsystems that provide higher levels of performance to telecommunications
equipment manufacturers. The company’s agile optical products are central
to the transformation of the Wavelength Division Multiplexing (WDM) infrastructure
from an inflexible, constrained network to one that is agile and programmable
at the optical layer. Information about AXSUN is available at www.axsun.com.
About BOWMAN CAPITAL MANAGEMENT, LLC
Bowman Capital Management is a premier institutional investor specializing in
both public and private technology growth companies, with over $4 billion under
management. Bowman Capital’s private equity investments focus on leading
expansion stage companies building the New Internet Economy. Bowman Capital’s
private equity portfolio consists of over 40 companies, including Arrowpoint
Communications, Broadband Access Systems, Broadbase Software (Nasdaq: BBSW),
Chemdex (Nasdaq: CMDX), Chorum Technologies, Jetstream Communications, Neoforma.com,
Netcentives (Nasdaq: NCNT), Optical Networks and Sycamore Networks (Nasdaq: SCMR).
For more information on Bowman Capital Management visit the Web site at http://www.bowmancapital.
com. |
|
