Polaris Networks Receives $52 Million In Funding

March 18, 2002 -- (WEB HOST INDUSTRY REVIEW) -- Polaris Networks, a developer of new generation optical transport switching systems, today announced is has reached $52 million in new venture funding. Since its incorporation in June 2000, Polaris (polarisnetworks.com) has raised a total of $74 million, representing the largest round raised in metro core network equipment since the start of this year.

The latest funding was led by Advanced Technology Ventures (ATV), with other new equity investors including WK Technology, First Hand Capital Management, Granite Global Ventures, Riverside Management Group, Presidio Venture Partners, Western Technology Investment, Pac-Link Management and KTB Ventures. Previous investors, Redpoint Ventures, Venrock Associates and SToRM Ventures, also participated in this round.

“Completion of this new round of funding confirms that Polaris' solution is solidly on target. Despite very challenging market conditions, we have strong engagement from both service provider customers and the investment community," said Ray Kao, CEO and CTO of Polaris.

"With our emphasis on dramatically reducing network costs and operations, we enable carriers to simplify one of the most expensive and complex parts of their networks, while providing a smooth migration to a new generation architecture,” he said.

Proceeds will be used to fund working capital, marketing and operational expansion. The company is well funded to complete initial product development, upcoming carrier trials, planned technical certifications and commercial delivery.