CyOptics Reveives $50M Equity Investment led by JVP
CyOptics, Inc., a supplier of sub-components to the optical communications and defense/avionics markets, has reveived a $50m equity investment.
The round was led by Israeli venture capital fund JVP, with participation from existing investors Sprout Group, Birchmere Ventures and Eurofund.
As also stated by Ed Coringrato, CyOptics CEO, the proceeds from the investment will help the company fund the working capital needed to bolster near-term revenue growth and to support research & development efforts required to deliver innovative products and services.
CyOptics designs, develops and markets a full line of InP optical chips and components for integration into access, metro and long-haul communications systems. The company also provides complete contract design, foundry and packaging services. It has over 100 customers worldwide, including telecom system OEMs, module level suppliers, and the major defense contractors.
In 2010, CyOptics generated over $100m in revenues.
The company’s InP design, device fabrication and high performance packaging operations are located in Lehigh Valley, Pennsylvania, its silica PLC fab in South Plainfield, NJ, and its planar automated packaging and testing operations in Matamoros, Mexico.