Tech Industry

Innovance gets $88 million in round

Optical equipment start-up Innovance Networks said Monday that it raised $88 million in its second round of funding, with help from optical components maker JDS Uniphase and optical fiber maker Corning. Advanced Technology Ventures led the round and received a seat on Innovance's board. Morgenthaler Ventures, Thomas Weisel Capital Partners, Azure Capital, Banc of America Securities, Kalkhoven Pettit & Levin Ventures and Archery Capital also contributed to the round. The Ottawa-based company will use the funding to commercially launch its product in the second quarter. Innovance makes gear that works in core networks, or long-haul networks, which transport data between cities. This second round of funding adds to the $75 million first round that closed in 2000 and that was led by Morgenthaler and Thomas Weisel.

Optical equipment start-up Innovance Networks said Monday that it raised $88 million in its second round of funding, with help from optical components maker JDS Uniphase and optical fiber maker Corning. Advanced Technology Ventures led the round and received a seat on Innovance's board. Morgenthaler Ventures, Thomas Weisel Capital Partners, Azure Capital, Banc of America Securities, Kalkhoven Pettit & Levin Ventures and Archery Capital also contributed to the round.

The Ottawa-based company will use the funding to commercially launch its product in the second quarter. Innovance makes gear that works in core networks, or long-haul networks, which transport data between cities. This second round of funding adds to the $75 million first round that closed in 2000 and that was led by Morgenthaler and Thomas Weisel.