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| Press Release Archives - January 30, 2002 |
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Significant Investment Reflects Company's Large Market
Opportunity and Positive Customer Traction
Petaluma, California. January 30, 2002
- Turin
Networks, Inc., a provider of intelligent multiservice optical
transport platforms, announced that it has received $58 million
in its third round of financing. The sizeable new round of financing
demonstrates the high degree of confidence that investors and
service providers have in the company's value proposition as
well as its ability to establish a leadership position in the
optical edge market.
The principal new investor in this round was venture capital
firm DCM
- Doll Capital Management. Major new investors also include
RWI
Group, Tako Ventures, Telos Venture Partners, Bay Partners
and accomplished individual venture capital investor Don
Lucas. Previous Turin investors- Sequoia
Capital, Van
Wagoner Capital Management, industry veterans Don
GreenM, B.
J. Cassin and others-also participated in the round.
"Our conversations with several strategic carriers showed
tremendous interest in Turin's products based on their ability
to improve the cost and efficiency of the existing SONET-based
infrastructure while enabling the creation and delivery of next-generation
broadband data services" said Dixon Doll, Managing General
Partner, DCM. "With such strong customer traction for their
solution, and a demonstrated ability to execute to plan, it's
clear to us that the company will establish itself as a leader
in its market."
Turin is also pleased to announce that Mr. Doll has been appointed
to the company's board of directors. DCM, a top-performing early-stage
venture capital firm, has funded some of the world's leading
communications and Internet companies.
According to RHK, the forecast for next-generation optical edge
devices for metro and long-haul applications is expected to
grow from $1.2 billion in 2001 to nearly $4.4 billion by 2004,
making it one of the fastest-growing product categories in the
North American optical transport market.
"Turin has one of the most practical and well-developed
product strategies I've seen from a start-up in this space"
said Dana Cooperson, director of optical transport at RHK, Inc.
"Turin understands the carrier's dilemma of how to transport
services that pay the bills today while evolving the network
to effectively support Ethernet-based services."
"We identified early on that Turin had the right combination
to succeed in a large but crowded space, and are pleased to
have participated in the venture from the beginning" said Chris
Rust, a partner at Sequoia Capital. "Turin's solution is uniquely
capable of enabling established carriers to migrate economically
to high-growth packet-services such as Gigabit Ethernet to create
new revenue streams and lower their operational costs."
This investment provides Turin with the funding needed to continue
executing on its sales and marketing plan, and to support further
development of the company's Traverse® product family which
was recently launched. (See press release"Turin
Networks Unveils Revolutionary Optical Edge Platform for Delivery
of Carrier-Grade Ethernet and SONET Services" issued Jan. 22,
2002.)
"We are pleased to have such a distinguished group of top-tier
venture firms and individuals as investors" said John Webley,
president and CEO, Turin Networks, Inc. "Closing this significant
new round of financing represents a strong endorsement of our
Traverse product as well as our team."
About Turin Networks, Inc.
Turin Networks delivers intelligent multiservice optical transport
platforms designed to revolutionize the economics of deploying
broadband services. The company's Traverse product family unifies
intelligent optical transport with multiservice aggregation
and switching in a single carrier class system-reducing network
complexity and enabling service providers to deliver a wide
array of high-bandwidth transport services more rapidly, efficiently
and cost-effectively.
Turin Networks is a privately held corporation headquartered
in Petaluma, the center of California's "Telecom Valley" with
additional offices in Boston and Dallas. Founded in October
1999, the company is led by an accomplished management team
and is funded by top-tier venture capital firms as well as distinguished
corporate and private investors. For more information, visit
www.turinnetworks.com
or call toll free 1-866-TURINET.
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Media Contact:
Liza S. Goldberg
For Turin Networks, Inc.
650.556.0053
liza@the-ambassador.com |
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Kevin Wade
Turin Networks, Inc.
707.665.4509
kwade@turinnetworks.com |
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