Metro-Optix said Wednesday that it raised a $54 million third round of funding, led by Van Wagoner Capital. Other investors included Palantir Capital, and previous investors J.P. Morgan Partners, InterWest, Sevin Rosen, Centerpoint, Bluestream, JW Seligman and Watsach. Metro-Optix, which is jointly headquartered in Santa Clara, Calif., and Allen, Texas, has raised more than $136 million. Metro-Optix develops hardware for telecommunications companies that want to transition from circuit-based services to cell- and packet-based services. The hardware essentially reduces the number of hardware boxes needed, such as routers, which the networks feed into.