ChiLight, Optical Technology Developer, Raises $4M Series A
Friday, August 10, 2001
 
NES ZIONYA, ISRAEL -- ChiLight, a developer of optical networking technologies, has raised $4 million in its Series A funding, according to lead investor Yozma, an Israeli venture capital firm. Yoav Sebba, a principal with Yozma, said the funding will support the development of ChiLight’s first product, a wavelength converter, and its expansion into the U.S.

The round also included investments from Lucent Venture Partners and Ofer Brothers High-Tech and gives ChiLight a valuation of under $10 million. Arie Litman, a partner with Lucent Venture Partners, will join Yigal Erlich, the founder, chairman, and managing partner of Yozma, on the ChiLight board of directors as a result of the investment. Ofer Brothers High-Tech will be represented by a board observer.

With 14 employees currently on board (half of whom hold doctorates), ChiLight expects to launch its initial product and begin generating revenues in 2002. The company also intends to increase its marketing and business development staff, according to Mr. Sebba. He expects ChiLight to establish its headquarters in the U.S. within the next six months. The company was founded in September 2000 by chief technology officer, Shmuel Sternklar, with a seed investment from the Plentyum Group, a group of Israeli angel technology investors.

ChiLight retained the legal services of Danziger Klagsbald Rosen & Co., while Yozma hired Tal Danon-Shenhav attorney for representation.
 
 

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