Israeli start-up MemLink will raise $30-40 million in the US from US and Israeli funds.
Memlink chairman and CEO Stephen R. Rizzone said the company would launch its product and would need more capital to continue operations. "We'll need the capital to advance to the commercial stage," Rizzone said.
MemLink develops advanced technology for three dimensional digital optical switching. The technology is considered unique in a field filled with companies developing optical switches.
According to Rizzone, the company's trials demonstrate that the technology works well. He added that more capital was needed to finance trials at communications companies and help the company reach the commercial stage.
Rizzone is a former chairman, president and CEO of Ortel Corporation, which Lucent Technologies (NYSE: LU) acquired for $3 billion. Before that, he was president and CEO of NetVantage, which was acquired by Cabletron Systems (NYSE: CS) for $100 million.
Rizzone believes his series of successes in start-ups will continue, and MemLink will be a great success.
MemLink has raised $18 million to date from Israeli and US venture capital funds.
Published by Israel's Business Arena on January 6, 2002