Optical network start-up Xtellus Ltd. has raised $8.3 million in its second financing round. NanoDimension LP led the round, joined by previous investors Israel Seed Partners, Alta Berkeley Venture Partners, and Goldman Ventures. The company has raised $25 million to date. The company will use proceeds from the current round to finance the expansion of its basket of products and product production to meet rising global demand for optical network equipment.
Xtellus president and CEO Dr. Krishna Bala told "Globes", "In general, it's hard to raise capital at the moment. It took us a long time, but I'm pleased that we secured financing that will bring us to the communications market, including fiber-to-the-home."
"Globes": Who are your customers?
"Large equipment makers, such as Cisco and Alcatel."
NanoDimension is a venture capital fund that specializes in nanotechnology technology companies targeting the IT, electronics, and life sciences industries in the US and Europe. Xtellus is its first investment in an Israeli company.
Published by Globes [online], Israel business news - www.globes-online.com - on March 31, 2008
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