Vertex Venture Capital was one of the investors behind the loan.
High-speed optical communications solutions developer MultiPhy Ltd. has obtained a $675,000 loan from Maayan Ventures Ltd. (TASE:MAYN) and Vertex Venture Capital. MultiPhy's platform is an optical processor that is added to the optical transceiver on fiber optic networks to boost their speed.
MultiPhy is a graduate of the Maayan Ventures incubator, which owns 24.3% of the company, and provided $175,000 of the loan.
The loan bears 4% annual interest, and can be converted into equity at MultiPhy's next financing round. MultiPhy has recently obtained two grants: a NIS 5.7 million grant from the Office of the Chief Scientist in December 2009; and a $700,000 grant from Israel-United States Binational Industrial Research and Development Foundation (BIRD-F).
Published by Globes [online], Israel business news - www.globes-online.com - on February 21, 2010
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