BTI Photonic Systems Inc., which makes optical transport link systems, has raised $12.25 million in Series C funding, said Vice President of Marketing Glenn Thurston.
Co-led by BDC Venture Capital and GrowthWorks Capital, the December round's return backers are VenGrowth Private Equity Partners Inc., BCE Capital, Kodiak Venture Partners and Lucent Venture Partners.
In the round, an additional $4.1 million in debt converted to equity from April 2004 as part of its Series B. The company has raised approximately $33 million to date, including equity and debt. The Ottawa company's post-money valuation is now $33 million.
The new funds will be used for manufacturing and inventory expansion, for more market expansion into Asia and Europe, and for product enhancements.
BTI Photonic is a supplier of metro edge systems, which consists of both proprietary hardware and software, for the build out of new broadband services. Its technology enables video-on-demand, fiber-to-the-home, gigabit Ethernet and wireless data services at the edge of metropolitan networks.
The 65-employee company, which incorporated in 1997, has been generating revenue since the fourth quarter of 2003 and has an original manufacturing equipment relationship with Fujitsu Ltd., Thurston said.