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Photuris snaps up $40 million

Photuris announced Tuesday that it raised a $40 million third round of funding. Investors included Columbia Capital, Artiman Ventures and private investors. The Piscataway, N.J.-based company also announced that it hired Charles Childers, a former chief executive of Bell Canada Enterprises, as its CEO. The company has raised a total of $105 million to date. Photuris develops metro-regional optical transport hardware systems. The systems are designed to help network capacity increase or decrease on demand.