SOMERSET, N.J.–(BUSINESS WIRE)–July 22, 2003–
Industry Leader in Advanced Photonic Integrated Circuits Closes
Initial Installment of Series C Round with New and Existing Investors
ASIP, Inc., an emerging leader in the development of photonic integrated circuits for next-generation optical systems, today announced it has raised $16 million in the initial installment of its Series C financing round. ASIP will use the proceeds of this financing to enable the fulfillment of customer commitments, to further development of its manufacturing infrastructure and to continue product innovation.
Nokia Venture Partners led the Series C round and was joined by other new investors, Finaventures and Intel Capital, as well as original investor, Redpoint Ventures. This brings the total equity investment in ASIP to $23.5 million. Redpoint Ventures and Multilink Corp. provided the Series A and B investments totaling $7.5 million, which were announced in July 2000.
“ASIP stands out in the industry as a company with a technology platform perfectly suited to achieving the vision of low-cost optical networking,” said Jonathan Ebinger, general partner at Nokia Venture Partners. “In addition, ASIP is already delivering world-class products to several of the leading providers of next-generation transceivers. ASIP is truly a company for the future.”
“In this extremely challenging fundraising environment, we are both proud and gratified to be funded by such a distinguished group of investors. With this funding, ASIP will accelerate the momentum we’ve been gaining because of the strategic value of our technology, the careful product choices we have made and the Tier-1 customer design wins we have secured,” said Mike Decelle, ASIP president and CEO. “Only a small handful of optical component companies have received additional financing in the last two years, and we are anxious to use this investment to accelerate product development and achieve a leadership position in the industry.”
Brad Jones, founding partner at Redpoint Ventures, said, “Redpoint is a long-term supporter of ASIP. We have a clear vision of ASIP’s potential and we’re pleased to welcome Finaventures, Intel and Nokia Venture Partners to the investment team.”
ASIP is supplying high-speed, integrated lasers to leading companies developing the next-generation of small form-factor transceivers such as XFP, X2 and XPAK. All of ASIP’s products are built on its patented Asymmetric TwinGuide(TM) (ATG) technology platform. ATG is a major advance in optical integration technology and enables significant improvements in the density, cost, and design cycle of photonic integrated circuits.
About ASIP, Inc.
ASIP, headquartered in Somerset, N.J., is an emerging leader in the development of advanced photonic integrated circuits, including high-speed laser sources and high-sensitivity photodetectors at both 10Gb/s and 40Gb/s. The company was founded in July 2000 based on several years of research and development at Princeton University. ASIP’s Asymmetric TwinGuide (TM) (ATG) technology is a highly-scalable platform for monolithic photonic integration and delivers unprecedented levels of functional integration, low cost and world-class optical performance.
About Nokia Venture Partners
Nokia Venture Partners is a leading global venture capital firm based in Menlo Park, California. Backed by a number of value add limited partners, the fund leads investments in early stage mobile technology companies around the world. Launched in 1998, Nokia Venture Partners has a strong track record of leveraging its combined resources, experience and contacts to help build successful mobile businesses. The firm also has offices in Washington DC, London, Helsinki, Seoul, Hong Kong and Tokyo. For more information, visit http://www.nokiaventurepartners.com
About Redpoint Ventures
With more than a combined 100+ years of operational, industry and technology investing experience, Redpoint Ventures is a leading venture capital firm that funds innovative companies with the potential to lead and change industries. Currently, the firm is focused on investments in enterprise software, communications infrastructure, mobile and wireless, and storage and data center infrastructure and management. Redpoint has a total of $1.45 billion under management, with investments in more than 60 companies to date. The firm was founded in 1999 by partners from Brentwood Venture Capital and Institutional Venture Partners (IVP), two of the nation’s leading venture firms. Redpoint (www.redpoint.com) has offices in Menlo Park, CA and West Los Angeles.
About Intel Capital
Intel Capital, Intel’s strategic investment program, focuses on making equity investments and acquisitions to grow the Internet economy in support of Intel’s strategic interests. Intel invests in hardware, software and services companies in several market segments, including computing, networking, and wireless communications. For more information, visit www.intel.com/capital.
About Finaventures
Finaventures is a premier venture capital firm with a Trans-Atlantic family of capital funds. Finaventures generally invests in early and mid-stage technology ventures and focus on components, semiconductors, software, systems, and emerging technologies. Finaventures seeks investment opportunities that address a large U.S. market and have a European component to their international strategy. For more information, visit www.finaventures.com .
For more information, customers may visit ASIP’s Web site at www.asipinc.com or contact ASIP’s sales office at 1-866-708-ASIP. Customers outside of North America may call +1 732-537-4000. Fax inquires may be directed to +1 732-537-5515, or email inquiries to [email protected].
