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
"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
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."
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
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
For more information on JK&B Capital, please visit www.jkbcapital.com
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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For Continuum Photonics, Inc.
Aaron A. Bent, PhD
Continuum Photonics, Inc.