Polaris closes $52 million round
Polaris Networks closed its second round of funding of $52 million, the company announced Monday. The round was led by Advanced Technology Ventures, which gains a seat on Polaris' board of directors, with new investors WK Technology, First Hand Capital Management and others. Previous investors such as Redpoint Ventures, Venrock Associates and Storm Ventures from the company's $22 million first round contributed to the funding. Polaris makes an optical switch for metropolitan telecom networks, which handle data within urban areas. The company, which was founded in June 2000, plans to have its gear completed for customer trials in the second quarter this year and ready to ship to customers sometime in the fourth quarter. Polaris has signed four trial agreements with either local "Baby Bell" carriers such as Verizon or long-distance phone companies such as AT&T.
The round was led by Advanced Technology Ventures, which gains a seat on Polaris' board of directors, with new investors WK Technology, First Hand Capital Management and others. Previous investors such as Redpoint Ventures, Venrock Associates and Storm Ventures from the company's $22 million first round contributed to the funding.
Polaris makes an optical switch for metropolitan telecom networks, which handle data within urban areas. The company, which was founded in June 2000, plans to have its gear completed for customer trials in the second quarter this year and ready to ship to customers sometime in the fourth quarter. Polaris has signed four trial agreements with either local "Baby Bell" carriers such as Verizon or long-distance phone companies such as AT&T.