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Short Take: Telseon nets $80 million, signs Level 3 deal

Telseon, a local access communications service provider using gigabit Ethernet technology, closed an $80 million second round of funding that includes investments from Morgan Stanley Dean Witter, The Goldman Sachs Group, Donaldson, Lufkin, & Jenrette, Hunt Ventures, Level 3 Communications, Nextlink, Enron and Pivotal Asset Management. First round funders Sevin Rosen Funds and Crosspoint Ventures invested again. Telseon also signed a deal, valued at up to $100 million, to buy unused, or "dark," fiber-optic wires from Level 3.

    Telseon, a local access communications service provider using gigabit Ethernet technology, closed an $80 million second round of funding that includes investments from Morgan Stanley Dean Witter, The Goldman Sachs Group, Donaldson, Lufkin, & Jenrette, Hunt Ventures, Level 3 Communications, Nextlink, Enron and Pivotal Asset Management. First round funders Sevin Rosen Funds and Crosspoint Ventures invested again. Telseon also signed a deal, valued at up to $100 million, to buy unused, or "dark," fiber-optic wires from Level 3.