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New company developing affordable, all-optical networking solutions poised to transform government and carrier markets

Reston, VA -- lOPTICALSYSTEMS, an advanced optical network solutions provider, today announced that it has secured $14 million in Series B funding from Sevin Rosen Funds and ComVentures, two venture firms with strong track records in the telecommunications sector. The funding follows $10 million in Series A capital awarded to the company in March 2003.

"This second round of funding reflects lOPTICALSYSTEMS' strong performance to date, in introducing the first all-optical networking solutions to the government and carrier markets. It also indicates the high level of confidence our investors have in our technology and management team's ability to deliver innovative solutions that meet market requirements," said Dr. John C.W. Taylor, chairman, lOPTICALSYSTEMS. "With ever-increasing demands for higher bandwidth and the proliferation of IP, telecommunications carriers are pressed to deliver enhanced services as cost-effectively as possible. At the same time, government agencies have growing requirements for fast, high-bandwidth data delivery, particularly in the realm of homeland security."

"Sevin Rosen Funds has confidence in lOPTICALSYSTEMS management team," said Amra Tareen, partner, Sevin Rosen Funds. "We believe lOPTICALSYSTEMS will help carriers and government agencies meet their unique challenges."

"lOPTICALSYSTEMS has the ability to truly transform optical networking as we know it today," said Cliff Higgerson, partner, ComVentures. "We are pleased to be a part of this exciting organization."

Source: lOPTICALSYSTEMS