ColorChip secures additional financing led by Vertex Venture Capital
ColorChip has announced that it has completed a $7.4 million funding led by Vertex Venture Capital, joining existing investors including Bessemer, Eurofund , Motorola , Polytechnos and Walden Israel Venture Capital. According to Moshe Price, CEO of ColorChip, the proceeds will enable the company to move from product qualification phase to mass manufacturing to accommodate the strong FTTH market demands in the U.S, Japan, AsiaPacific and recently Europe. It will be also used for introducing newm products targeting additional applications.
Moty Ben-Arie, Managing Partner at Vertex Venture Capital says, "The evolvement of the telecommunication and data communication environment creates demand for new optical components that enable high bandwidth with relatively low cost. ColorChip's distinctive technology is an excellent platform for such components. We have strong faith in the company and its potential to seize a major share of the market."
Moshe Price says, "We are happy to have Moty Ben-Arie on our board as we value his experience and appreciate his contribution. We are confident that Vertex with their strong relationships in Asia will help us further penetrate the Asian markets."
