Telecommunications equipment start-up PhotonEx announced that it has closed its third round of funding for $90 million, which brings the company's total funding to $178 million including an $80 million second round that closed last year. New investors included U.K.-based venture capital firm 3i, which led the round, along with Axxon Capital, Boston Millennia Partners, Castile Ventures and J.P. Morgan Investment Management. Investors from previous rounds such as Matrix Partners, North Bridge Venture Partners, Oak Investment Partners, Essex Investment Management, Silicon Valley BancVentures, Intel Capital and the Photonics Fund also pitched in for the third round.
PhotonEx started in 1999 and makes Internet routers that transmit data at speeds of up to 40gbps (gigabits per second) over long-haul networks, or networks that run between cities as opposed to metropolitan networks, which handle data within urban areas. The company expects its funding to last until late 2003 and says its first product will be generally available to ship to customers later this year.