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Continuum Photonics Closes $17.5 Million in Oversubscribed Round of Financing

Company secures additional financing to expand its market leadership

Billerica, MA - April 6, 2004 - Continuum Photonics Inc., a market leader in high-performance optical switches for the optical automation systems and telecommunications markets, today announced it has closed an additional round of over $17.5 million in its Series C financing.

A new investor, JK&B Capital, led the oversubscribed round, with significant participation from additional new investor, Boston Millennia Partners. Prior investors Prism Venture Partners, Flagship Ventures, Harris & Harris Group, Gainesborough LLC, MTDC and private individuals also participated in the round. With the completion of this latest financing, Al DaValle, Partner of JK&B Capital has joined Continuum's Board of Directors.

"Continuum has made significant progress in serving our growing base of world-class customers," said Jeffrey Farmer, CEO of Continuum. "This round allows us to move aggressively in providing the products that our customers are demanding. Given the general market conditions that exist today, the financing is a very strong validation of our unique team and technology."

"Continuum's disruptive technology, world-class team, and strong customer traction make for a uniquely compelling investment opportunity," said Al DaValle, Partner at JK&B Capital. "We believe Continuum is uniquely qualified to be the dominate supplier in its markets and are excited to play a key role in the company's ongoing success."

"Flagship and Prism as well as Continuum's other investors welcome these strong new additions to our financing team," noted Steve Ricci, Managing Director and Vice Chairman at Flagship Ventures. "This funding positions Continuum as one of the best-financed in its sector and is clearly a reflection of the company's potential to be a market leader."

Continuum recently announced the commercial release of its DirectLight™ IG optical switch, the first in a family of products utilizing its patented beam-steering technology. DirectLight IG can be easily integrated with optical test equipment, enabling automated test processes, minimizing capital and operational expenses. Unique in the market, DirectLight IG combines an instrumentation grade optical switch with built-in programmable optical attenuation and output power monitoring all in one cost effective platform. DirectLight IG is ideal for applications in manufacturing production, lab environments, component and system development, network monitoring, intrusion detection and other applications.

"In Continuum we found a rare company that combines all of the business and technology ingredients needed for success in today's volatile marketplace," observed Jean-Yves Lagarde, Partner, Boston Millennia Partners. "Continuum's management team has developed a company with a long-term sustainable advantage by effectively utilizing its highly differentiated technology and focusing on the most critical needs of its broad base of customers in a multitude of markets."

About Continuum Photonics

Headquartered within Boston's high-tech beltway, Continuum is dedicated to bringing the highest performance photonic subsystem and system products to its customers. Leveraging commonality across its platform of patented technologies, DirectLight optical switches are the first in a series of products from Continuum aimed at changing the traditional economics of the communications and test industries. Founded in 1998, Continuum brings together a world-class team, and an extensive product history in aerospace, automotive, consumer products, and the military, where Continuum's products have been designed to meet the most demanding requirements. Continuum is supported through investments by Flagship Ventures, Prism Venture Partners, Harris and Harris Group, GE Capital, MTDC, Arcadian Venture Partners, and Gainesborough Investments.

For more information, please visit www.continuumphotonics.com

About JK&B Capital

JK&B Capital is a venture capital firm based in Chicago with $900 million under management. The firm was founded in 1996 with the belief that in addition to capital and financial savvy, successful venture investing requires unique relationships and in-depth industry and technical expertise in order to identify the most attractive investment opportunities and consistently add value to portfolio companies. The JK&B team combines experienced venture capital investors with telecommunications and information technology industry experts who possess in-depth technical expertise.

For more information on JK&B Capital, please visit www.jkbcapital.com

About Boston Millennia Partners

Boston Millennia Partners is a private equity investment partnership managing over $700 million in capital. From its office in Boston, Millennia invests in high-growth businesses in the healthcare and life sciences, telecommunications and information technology industries. The managers at Millennia have funded over 120 companies in the U.S. private equity market since 1980.

For more information on Boston Millennia Partners, please visit www.millenniapartners.com

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Contacts

For Continuum Photonics, Inc.

Aaron A. Bent, PhD
Continuum Photonics, Inc.
978-670-4910, x189