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Optical chip start-up raises $5.6 million

Intelligent Photonics Control announced that it raised $5.6 million in its first round of funding. Novacap and Ventures West led the round, with participation from BDC, SpringBank TechVentures and Purple Angels. The Canada-based company plans to use the funding to expand its sales and marketing activities. Intelligent Photonics Control, formerly known as CANasic Communications, designs chips for optical telecom equipment. The company currently has two products in trials with U.S. telecom carriers and plans to launch its products commercially in the third quarter of this year. Intelligent Photonics also announced that Richard Timmons has been appointed as the company's chief executive officer and will join its board of directors. Timmons founded Sagus Security and Domus Software and was most recently an entrepreneur-in-residence with Ventures West.

Intelligent Photonics Control announced that it raised $5.6 million in its first round of funding. Novacap and Ventures West led the round, with participation from BDC, SpringBank TechVentures and Purple Angels. The Canada-based company plans to use the funding to expand its sales and marketing activities.

Intelligent Photonics Control, formerly known as CANasic Communications, designs chips for optical telecom equipment. The company currently has two products in trials with U.S. telecom carriers and plans to launch its products commercially in the third quarter of this year. Intelligent Photonics also announced that Richard Timmons has been appointed as the company's chief executive officer and will join its board of directors. Timmons founded Sagus Security and Domus Software and was most recently an entrepreneur-in-residence with Ventures West.