Components maker snags $30 million
Optical components maker LightCross announced Wednesday that it raised $30 million in its second round of funding that was led by newcomer UMC Capital, the venture capital arm of chipmaker United Microelectronics Corp. Other new investors included Asia Optical Technology and Ritech. Previous investors from LightCross' $11.3 first round that closed in July 2000 also chipped in and included J.P. Morgan Partners, ARCH Venture Partners and ComVentures, which doubled its investment. LightCross makes optical components for telecom equipment makers. Chief Financial Officer John LaValle said the 60-employee company is making prototypes for prospective customers and expects to start generating revenue in the second half of 2002. LaValle added that the company aims to design components that can be made in standard chip foundries, which would make production easier and less costly. UMC's investment makes the foundry LightCross's principle manufacturer, and UMC chairman Robert Tsao will also become part of LightCross's board. The company has raised $47 million so far, which includes a $7 million line of credit from Comdisco, a provider of services to technology companies.
LightCross makes optical components for telecom equipment makers. Chief Financial Officer John LaValle said the 60-employee company is making prototypes for prospective customers and expects to start generating revenue in the second half of 2002. LaValle added that the company aims to design components that can be made in standard chip foundries, which would make production easier and less costly. UMC's investment makes the foundry LightCross's principle manufacturer, and UMC chairman Robert Tsao will also become part of LightCross's board. The company has raised $47 million so far, which includes a $7 million line of credit from Comdisco, a provider of services to technology companies.