Israeli start-up FiberZone Networks Ltd. today announced that it had closed an $8 million financing round. Novak Biddle Venture Partners of the US led the round, alongside prior investors in the company Portview Communications and Stage One Ventures. FiberZone has raised $11 million to date, including the present round.
Founded in 2003 by CTO Yossi Arol and VP R&D Zohar Avrahami, FiberZone develops automated solutions for the management of fiber optic infrastructures, including the provision, management and monitoring of physical fiber layers. Proceeds of the financing round will enable the company to market its products after technical testing at leading communications operators’ laboratories is completed this spring and summer.
FiberZone CEO Gil Eyal said, “Novak Biddle has an incredible track record of building successful technology companies, and their experience complements the vast domain expertise of Portview and Stage One. We greatly value the continued support of our existing investors, whose substantial follow-on investment is an indication of their confidence in the company and market opportunity."
Novak Biddle partner Tom Scholl said, “We are always attracted to companies addressing a large market opportunity with a sustainable technology advantage. FiberZone is tackling a major, unfulfilled requirement of fiber network operators that will only get bigger as fiber pushes out to the end-user. Their technology is uniquely suited to fiber management applications, with very strong optical performance, power-less latching mechanism, and scalable, low-cost architecture. This compelling combination of a strong value proposition and favorable competitive advantage has led us to make our first investment in a company based outside of the US.”
Published by Globes [online], Israel business news - www.globes.co.il - on March 27, 2006
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