Axiowave, a start-up based in Marlborough, Massachusetts, closed $45 million in Series C funding, bringing the total funding to date to $96 million. Axiowave is developing intelligent core and metro networking equipment. Product plans have not yet been publicly announced. Axiowave said its forthcoming platform is currently being tested in carrier labs. The new funding was co-led by Argonaut Private Equity and existing investors Gainesborough Investments, Ray Stata, Mukesh Chatter and other private investors.
http://www.axiowave.com
- Axiowave was founded in May 2000 by Ray Stata (formerly a founder of Nexabit Networks), Mukesh Chatter (formerly a founder and CEO of Nexabit Networks), Satish Soman (formerly VP of Chip Development and Modeling at Nexabit Networks), and Peter Marconi (formerly a founder of Nexabit Networks).
- In June 1999, Lucent Technologies first announced plans to acquire Nexabit Networks, a start-up developing a terabit-class IP switch/router, in a stock swap deal valued at about $900 million at the time (14 million shares of LU). The announcement came one day after Lucent completed its acquisition of Ascend Communications.
- In October 2002, Lucent Technologies confirmed that it had abandoned its TMX 880 high-capacity core network switch, which was based on technology acquired from Nexabit Networks.