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WaveSmith grabs $30 million in third round

WaveSmith Networks announced Monday it has raised $30 million in its third round of funding. Argonaut Private Equity and Ciena, as well as previous investors Atlas Venture, Bessemer Venture Partners, Commonwealth Capital and Fidelity Ventures, contributed to the latest round.

Acton, Mass.-based WaveSmith has raised a total of $84.5 million. The company develops hardware geared to increase a telecommunications carrier's network capacity without disrupting or overhauling the network.