Wednesday, January 25, 2006

Movaz Raises $20 Million for its Optical Networking

Movaz Networks closed $20 million in equity financing and secured an additional line of credit for $12 million, supporing its optical networking solutions.

Movaz recently announced the in-service deployment of its multi-degree ROADM, providing dynamic reconfigurability across rings, at hub locations, and through spur junctions.

The company claims 90 customers around the world and over 4,000 nodes currently in service.

Movaz said the combined $32 million financing enables it to support its expanding operations and also provides a solid foundation for continued revenue and customer growth. The company said it saw its revenue increase by a record 66% in 2005 over the previous year. The top-tier investor syndicate that led this financing included Anschutz Investment, Comcast Interactive Capital, Menlo Ventures, Oak Investment Partners, Meritech Capital Partners, and Worldview Technology Partners.