Calix scores $100M in financing, adds board members
Calix, which provides PON platforms to cable operators, announced it has raised $100 million in a new round of financing and added three new members to its board of directors.
The latest round of financing consisted of $50 million in equity raised from existing Calix investors and $50 million in debt financing established with Silicon Valley Bank. Calix said it would use the funds to invest in additional resources necessary to prepare for the company’s continued growth and expansion, as well as to capitalize on the growth opportunities afforded by the $7.2 billion U.S. broadband stimulus program.
To assist the company going forward, Calix added three new directors to its board: Michael Marks of Riverwood Capital, Adam Grosser of Foundation Capital and Robert Finzi of Sprout Group.
“As we look at the market today, we see extraordinary opportunities for our customers,” said Carl Russo, president and CEO of Calix. “A virtuous cycle is emerging around communications service providers as the thirst for broadband services drives demand. Technological innovation creates the opportunity for new network capacity and efficiency, and broadband stimulus around the globe enables unprecedented vehicles for changing the economics of broadband deployment. Calix, with our unified access solutions portfolio, is ideally suited to facilitate this transformation and assist our customers in becoming an entirely new type of service provider.”
Calix said more than 40 percent of the rural service providers in the U.S. use its unified access infrastructure to deliver advanced broadband services.
Marks is currently founding partner of Riverwood Capital and was a partner and senior advisor at Kohlberg Kravis Roberts & Co. (KKR) in 2006 and 2007. Prior to KKR, Michael spent 13 years as CEO of Flextronics International Ltd. and built the company from $93 million to $25 billion.
Grosser is currently general partner at Foundation Capital. Prior to joining Foundation Capital, he was president of Excite@Home’s 1,400-person Subscriber Networks division, as well as co-founder, president and CEO of Catapult Entertainment. Grosser has also worked at Apple Computer, Lucasfilm, and Sony in engineering and management capacities.
Finzi has been co-managing partner of Sprout Group since 2003 and has more than 25 years in venture capital and board experience, with a variety of high-tech companies. He joined Sprout Group as a general partner in May 1991 from Merrill Lynch Venture Capital, where he had served as partner since 1985.