CODEON and Quantum Photonics Merge, Raise $17 Million in New Funding

CODEON and Quantum Photonics, both start-ups developing optical components, agreed to merge into a new company called Covega Corporation. The company will leverage Indium Phosphide, Lithium Niobate, and hermetic packaging technologies for a series of 10 Gbps and 40 Gbps modulators and transmitter modules, semiconductor optical amplifiers (SOAs) and source laser products. As part of the merger, Covega Corporation raised $17 million as part of its Series A round of financing. Investors include New Enterprise Associates, OCG Ventures, Boulder Ventures, Core Capital Partners, EDB Ventures, Intersouth Partners, Kinetic Ventures and Siemens Venture Capital. Robert Harvey, formerly the CEO of CODEON, has been named CEO of the new company. Dan Petrescu, the CEO of Quantum Photonics, will serve as President of the company. Covega’s headquarters will be located in Jessup, Maryland.
http://www.codeoncorp.com
http://www.quantumphotonics.com