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July 11, 2002
Continuum Photonics Raises Round 2

Continuum Photonics, a Billerica, Mass., maker of components for fiber-optic networks, has raised $14 million in second-round financing for product development.

The company said its photonic switch subsystems for high-speed networks offer high-performance at a low cost and gobbling up less power than other offerings. The platform will also be flexible because it is wavelength, bit-rate and protocol independent.

With the new backing, Continuum will be able to bring demonstration units to prospective customers. Because of the economic slump, those sales targets aren't buying much of anything these days.

The company's investors however, are confident that the product is compel carriers to loosen their purse strings.

"With a clear understanding of what will motivate carriers and equipment manufacturers to implement new technologies, Continuum's photonic switch subsystems offer price and performance unmatched by competitors," said Robert Fleming, Prism Venture Partners' co-founder.

Prism and Flagship Ventures led the round. Harris & Harris. Massachusetts Technology Development Corporation (MTDC), Gainesborough, and private individuals also participated.

As part of their investments, Fleming and Flagship general partner Steve Ricci join Continuum's board of directors. The company was founded in 1999 and is privately held.

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