JVP Leads $50 Million Secondary and Primary Transaction in Photonic Integrated Circuit Company CyOptics, Inc.
JERUSALEM, January 26, 2011 /PRNewswire/ -- - Transaction Includes Secondary Purchases From Several Existing Shareholders and Equity Investment in the Company to Drive Growth and Expansion - Company Surpassed $100 Million Revenues in 2010, Ending the Year With Substantial Backlog and Visibility into 2011 - Company's Indium Phosphide (InP) and Silicon Optics Device Technologies are Enabling High-Speed Broadband Connections up to 100Gb/s
JVP, a leading Israeli venture capital fund, has led a
investment in CyOptics, Inc. (“CyOptics”), a leader in Indium Phosphide (InP)
optical chip and component technologies. The transaction entailed the
purchase of shares from several existing shareholders and the financing of
additional growth capital for the Company. Joining the round were existing
CyOptics investors: Sprout Group, Birchmere Ventures and Eurofund.
The photonics industry is once again entering a growth phase driven by
demand from wireless backhaul, cloud computing, data center congestion, video
downloading and social networking. Bandwidth demands are doubling every 18
months and the optical transmit and receive sub-components designed and
manufactured by CyOptics are enabling said growth. CyOptics holds a market
leadership position that extends from the high volume consumer fiber-to-the
home (FTTH) market, to the high technology U.S. defense market, and to the
production of next generation of photonic integrated circuits.
The Company generated over
year with a strong sales backlog, granting good visibility into 2011.
CyOptics serves more than 100 customers worldwide, including telecom system
OEMs, module level suppliers, and the major defense contractors.
“CyOptics is uniquely positioned to bring together all of the critical
technologies required to design and manufacture high performance optical
help to fund the working capital needed to bolster near term revenue growth
and to support research & development required to deliver the next generation
products and services our customers require.”
“As the relative share of web traffic comprising media and video
continues to grow, our communications networks will be required to deliver
unprecedented levels of bandwidth. CyOptics’ high speed, high performance
solutions will increasingly enable the fulfillment of consumer demand for
evolving entertainment, educational, and gaming applications. The company’s
accelerated growth over the past twelve months is a clear testament to this,”
“Over the past decade, we have worked closely with the CyOptics’
management to build the Company into a leading independent global
organization. The Company’s strong underlying technology, broad portfolio of
products, and successful acquisition and integration capabilities, position
it for continued growth as a prominent player in the industry.”
JVP, a global venture capital firm with over $820mm under management, is
represented on the CyOptics board by its founding partner,
serves as the Company’s Chairman. JVP will nominate an additional member to
the Board of Directors following this transaction.
Built by industry founders and leveraging its
CyOptics has a unique set of optical device integration and manufacturing
capabilities supporting its leadership position in the supply of
sub-components to the optical communications and defense/avionics markets.
CyOptics is an industry leader in both hybrid integration using different
elements in a single package and monolithic integration on a single chip. The
Company’s products are enabled by an automated “nano-tech” capable
manufacturing process that delivers best performance, uniformity and cost.
The Company’s InP design, device fabrication and high performance packaging
operations are located in
operations are located in
certified. For more information, please visit http://www.cyoptics.com or call
JVP is a leading venture capital fund, headquartered in the JVP Media
Established in 1993, JVP manages over
venture capital funds, spearheading, in its seventeen years of activity, some
Technologies (NASDAQ: QLIK,
the most successful IPOs of 2010. The JVP Media Quarter is home to 12 of
JVP’s portfolio companies, the Fund’s early stage incubator, JVP Media Labs,
which invests in early stage media companies targeting fields such as: Web,
mobile, advertising, gaming as well as enterprise software. The JVP Media
Quarter is also home JVP’s Community activities: The Lab, the Center for
Performing Arts, and “Bakehila” the youth empowerment program supporting up
to 3,000 youngsters in 5 underprivileged
additional information on JVP please visit: http://www.jvpvc.com
For additional information: Fiona Darmon, VP Investor Relations JVP email@example.com +1-212-479-5155 (US) +972-52-695-4400 (Israel)