Metro network newbie Internet Photonics Inc. has raised $31 million so far in its effort to develop optical Ethernet transport platforms, and lined up its management roster.
"The company is 13 months old and has been in stealth mode until today," says spokesman Mike Granieri. A spinoff of Lucent Technologies' recently sold optical networking group, the company first drew $12 million in funding from Sprout Group, a venture capital affiliate of Credit Suisse First Boston Corp, which also led the latest $19 million round, he says.
Granieri says the latest funds will go to R&D and daily operating expenses.
The company aims to compete in a market that could top $1 billion next year, and $7 billion by 2004. Its edge: technology and intellectual property from Bell Labs that helped build what it calls a compelling economic mode that will reduce capital and operating expenses.
The platform can be deployed beside existing optical infrastructure, and could save up to 70 percent in initial investment costs, compared with traditional Sonet-based solutions, says President and CEO Gregory Koss in a statement. He adds that metro traffic will be IP data with a few years and 95 percent of that traffic will originate and terminate in Ethernet format.
Aside from Koss, management includes Steven Waszak, CFO; Martin Nuss, CTO and a founder; William Koss, VP of business development; and Gary Southwell, VP of Optical Ethernet Solutions Development.