LightPointe, a start-up based in San Diego, raised $17 million in new funding for its optical wireless products based on free-space optics (FSO) technology. LightPointe currently sells its optical wireless products in more than 60 countries, with existing revenue split equally between global service providers and enterprise customers. The company said it has experienced strong market demand for its product despite the downturn in the overall telecom market. During 2003, LightPointe’s sales grew at the fastest pace in China where Huawei markets and sells LightPointe optical wireless products under the Huawei brand. The new funds will be used to fund global marketing, product development and general working capital.
The new financing that was led by Rho Ventures and included participation by China-based Huawei Technologies Co. Ltd. Both Rho and Huawei join existing investors Sevin Rosen Funds, Ampersand Ventures, Telecom Partner, Cisco Systems and Corning. LightPointe has raised $71 million in venture capital. http://www.lightpointe.com
