SANTA CLARA, Calif., July 12, 2005 (PRIMEZONE) -- Redfern Integrated Optics, Inc. (RIO), a developer and manufacturer of low-cost, high-performance optical transmitters for the telecommunications and data transmission markets, today announced that it has secured $6.2 million in financing. The financing was provided by Advent International, Tallwood Venture Capital, TMT Ventures and Redfern Photonics Pty Ltd. In connection with the financing, Leigh Michl, Dado Banatao and Paul van Tol joined RIO's board to represent Advent, Tallwood and TMT Ventures, respectively.
"In addition to the customer validation that RIO has secured to date and the development of the 10G market, this financing puts us in an excellent position to capitalize on our breakthrough platform technology," said Radu Barsan, president and CEO of RIO. "Such financial support represents a significant endorsement of RIO's value proposition and will enable us to continue to meet the growing needs of our customers for high-performance, low-cost 40/80km and DWDM XFP-compatible TOSAs."
Funding from this round will enable RIO to complete the development and qualification of the first line of products, broaden its product portfolio and ramp manufacturing.
"RIO's technology addresses a broad market, utilizing standards such as XFP, X2 and XENPAK -- we recognize the company's potential to become a crucial player as it continues to grow and gain market traction," said Leigh Michl, partner at Advent International. "We have been extremely impressed with RIO's execution in this dynamic environment."
Dado Banatao, managing partner at Tallwood Venture Capital, is equally enthusiastic about RIO's opportunity: "As a pioneer in planar photonic integration technologies, RIO is well positioned to become a market leader in high-performance low-cost miniature optical transmission modules."
About RIO Inc.
RIO (Redfern Integrated Optics, Inc.) develops and manufactures optical transmitters based on proprietary planar technology, which enable transceivers and transponders to deliver telecom-grade performance with datacom economics. RIO's product line includes 10Gb/s 40/80km directly modulated TOSAs meeting the XMD MSA package requirements, with DWDM wavelength stability, at low cost and with low power dissipation. RIO has demonstrated and is productizing the world's first 1550nm 10G commercial laser that employs directly modulated planar-based hybrid laser technology, meeting the reach and stringent performance requirements (SONET) of Telecom OEMs. RIO's laser design also meets the small size, low power and low cost requirements of all 10G hot pluggable module MSAs including XFP. http://www.rio1.com/
About Advent International
Advent International is one of the world's largest private equity firms, with over $9 billion in cumulative capital raised and offices in 13 countries across North America, Europe, Latin America and Asia Pacific. Since its founding in 1984, Advent has invested in more than 500 companies and has helped businesses raise $10 billion through public equity and debt offerings. Advent is committed to helping management teams build successful businesses by applying its industry expertise, international resources and local market knowledge. www.adventinternational.com
About Tallwood Venture Capital
Tallwood Venture Capital is a venture capital firm focusing on semiconductors and semiconductor related technologies. Tallwood raised its first institutional fund of $180 million in 2002. Investors include Stanford University and Harvard University. Tallwood's practice is based on a deep understanding of markets, the impact technology will have on them and a hands-on, very active involvement post investment. Tallwood also utilizes a best in class team of consultants and advisors to help build the practice and work directly with portfolio companies. Tallwood's vision is to actively help entrepreneurs to develop and grow technology-based start ups into world-class companies. www.tallwoodvc.com
About TMT Ventures
TMT Ventures, one of the funds managed by Direct Capital (www.directcapital.co.nz), is New Zealand's largest and most experienced technology investment fund. Direct Capital was established in 1994, and has made over 30 investments in promising businesses at several stages of development from a diverse range of industries.