OTTAWA, Canada -- Innovance Networks, a privately-held company focusing on developing a next-generation,
photonic backbone optical system, has just closed its latest round of financing
by securing a US$4.0 million investment from the GATX/MM Venture Finance Partnership.
"We are extremely pleased to have the GATX/MM Venture Finance Partnership, a leading
technology investor, fund us and support our vision", said Wayne Edmunds, CFO
of Innovance Networks. "Innovance Networks is developing an optical networking
portfolio that will fundamentally reduce the complexities currently involved in
long-haul, photonic transport.”
Innovance Networks has assembled a world-class team of optical networking talent,
including some of the leaders in the industry. The company will deliver a portfolio
of agile, intelligent photonic networking solutions that will enable service providers
to build profitable, next-generation core optical networks. Existing investors
include Morgenthaler, Thomas Weisel Partners, Azure Capital and KPL Ventures (the
investment arm of Kevin Kalkhoven, founder and former CEO of JDS Uniphase).
"The quality of Innovance's team and the value proposition of their solution,
uniquely positions the company to become a leader in long-haul photonic transport",
said Minhas Mohamed, Managing Partner, MM Venture Partners. "We have a great deal
of confidence in Innovance Networks and their vision for a next-generation solution
that provides agility and flexibility".
About Innovance Networks
Innovance Networks will deliver a portfolio of agile, intelligent photonic networking
solutions that enable service providers to build profitable core optical networks.
The Innovance Networks solution offers ‘Just-in-Time’ capacity to accelerate the
deployment of services through the core, simplifies the network, and reduces the
cost of operations, while addressing the network scalability challenges beyond
raw capacity. For more information visit them online at www.innovance.com
About GATX/MM Venture Finance Partnership
The GATX/MM Venture Finance Partnership is a privately held, venture-debt fund
that focuses exclusively on private technology companies in Canada. The Partnership
focuses specifically on Canadian information technology and biotechnology companies.
The partnership comprises MM Venture Partners, founded in 1998 in Toronto and
GATX Capital. San Francisco based GATX Capital, is a unit of GATX Corporation,
a specialized finance and leasing company active worldwide. For further information
please visit www.mmvp.com
For Further Information Contact:
Loreli Lees, Director, Marketing Communications
MM Venture Partners
Minhas Mohamed, Partner