Salira Optical Secures $7M
February 27, 2002
By Bob Woods
Salira Optical Network Systems Inc., an Ethernet Passive Optical Networks (EPON) developer, said it has raised an additional $7 million in new equity and debt financing. The new funding will be used to accelerate deployment of Salira's systems into trials and general availability, officials said.
The new funding closes a Series B round of $22.1 million and brings the total investment in Salira to $29.1 million. Sofinnova Ventures becomes the latest investor to participate in Salira's Series B round which was led by Mobius (formerly Softbank) Venture Capital. Pac Rim Venture Partners and Manitou Ventures also participated in the official closing of the round.
Salira also said it has secured a $2 million revolving credit facility from Heller Financial, a division of GE Capital. The new line of credit will be used to finance equipment and inventory, and to prepare for the production, assembly and shipping of systems in the second half of 2002, officials also said.
Salira also announced that it has moved its headquarters from San Jose to a larger facility in Santa Clara to accommodate growth. The new facility has a comprehensive systems integration and test center for the manufacture and quality assurance of the company's access products. In addition to the test center, the engineering activity quadrupled its lab space in the move. The company has also moved its administrative, operations, marketing and sales activities to the company's new headquarters.
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