VSK Photonics Completes Its Series-A With An Additional $8.3 Million; New Investor Rustic Canyon Ventures Joins Continuing Investors Morgenthaler and Intel Capital
LAKE FOREST, Calif.--(BUSINESS WIRE)--Feb. 5, 2002--VSK Photonics Inc., a supplier of active photonic components for fiber-optic telecommunications, announced it has extended its Series-A financing round with an additional $8.3 million, led by Rustic Canyon Ventures.
Existing investors Morgenthaler and Intel Capital also participated.
"This brings the total investment in VSK Photonics to $26.3 million. Morgenthaler and Intel Capital provided the first round investment of $18 million, which was announced in March 2001. The company plans to use the funds to continue expansion of its manufacturing and marketing organizations, and to help bring its products to market in 2002.
VSK Photonics uses Indium Phosphide (InP) semiconductor technology to deliver high-speed (10Gbit/s and 40Gbit/s) optoelectronic component solutions for the next-generation optical networks.
"We are excited to announce the closing of our Series-A financing round with the addition of Rustic Canyon Ventures as an investor in VSK. Rustic Canyon brings a strong understanding of the photonics and networking markets to VSK that will benefit the company in the coming years," said Dr. Donald E. Ackley, VSK's president and chief executive officer.
"It is particularly gratifying to receive this funding despite the challenging market conditions," Ackley concluded.
VSK recently opened its state-of-the-art Indium Phosphide fabrication plant in southern Los Angeles, which is capable of manufacturing in excess of 10 million devices a year. The company is leveraging its proprietary expertise in Indium Phosphide semiconductors to develop optoelectronic devices and modules for high-speed network applications.
VSK is focused on providing cost-effective, high-performance receiver solutions to telecommunications system providers who are looking for 10Gbit/s solutions and a path to 40Gbit/s architectures. VSK expects to release its products in the first half of 2002.
Michael Kim, a partner at Rustic Canyon Ventures, will join VSK's board of directors.
About VSK Photonics
VSK Photonics develops InP-based, high-speed optoelectronic components and modules to meet the evolving needs of the telecommunications industry. VSK Photonics was founded in December 2000 and closed its initial Series-A financing in February 2001.
VSK Photonics is located at 100 North Pointe Ave., Lake Forest, Calif. For more information on VSK Photonics, visit www.vskphotonics.com.
Morgenthaler, a leading venture capital and buyout firm, was founded in 1968. The firm focuses on early-stage technology investments, as well as middle-market management buyouts. It has funded more than 180 companies in its 34-year history, including two of the last decade's highest-performing IPOs: Microchip Technology (1993) and Premisys Communications (1995).
Current representative portfolio investments in communications include optical and wireless components companies such as Agility Communications, Lightwave Microsystems, and Peregrine Semiconductor, as well as systems companies such as Innovance Networks and TimesTen. With its new $850-million fund raised in August 2001, the firm has a total of $1.8 billion under management. The firm's Web address is www.morgenthaler.com.
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 Capital 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 Rustic Canyon Ventures
Rustic Canyon Ventures is a $550 million venture capital fund focused on core technology infrastructure, business services, communications equipment and other technology-oriented high-growth industries. Portfolio companies include Amber Networks, Allegro Networks, Auxora, EM4 Photonics and Confluent Photonics. For more information, visit www.rusticcanyon.com.
CONTACT:VSK Photonics Inc., Lake Forest Kevin Patrick, 949/586-2202 ext. 214 or Communication Advocates Marla Malkin or Kim Craft, 714/957-9797 06:03 EST FEBRUARY 5, 2002