Israeli start-up Civcom completed a $10.5 million second fundraising round, at an apparent company value of $35 million, before money. The round was led by US VC fund Mercator Broadband, while additional investors included Israeli firm Concord Ventures, Herzliya-based Formula Ventures, Israeli firm Aurum-SBC, and US-based Omninent Capital. Civcom develops communications chips for optical router switches.
In its first financing round in September 2000, Civcom raised $10.5 million. Concord and Aurum-SBC participated in the first round.
Prof. David Mendlovic, Civcom's current CEO, and Prof. Emanuel Marom founded Civcom in 2000. The company is registered in Delaware, its offices are in Virginia and California, and its research and development center is in Petah Tikva. Civcom employs 40 staff.
Civcom’s technology eliminates the need to convert optical signals to electrical signals and back again, and transmits them simultaneously on a number of channels. The company’s components will be located in metro networks and other places in the optical network.
“The additional funding will allow us to accelerate the development, field trials and production phase, and will shorten our time to market”, said Mendlovic. “We're proud of our technology, which allows us to attract new strategic investors”.
CeLight, which also deals in the optical field, completed its second financing round a month ago, raising $45 million at a company value of $25 million, before money. The Concord fund also participated in this round.
Published by Israel's Business Arena on July 3, 2001