Israeli start-up Whole Optics announced today that it had completed its second round, raising $5 million. Whole Optics develops optical communications solutions. Its broadband products provide access to networks on fiber-optics at breakthrough cost reduction.
Whole Optics is about to complete development of its product, and will use the money raise in its financing round to expand production and marketing. Carmel Ventures led the round. Israel Infinity Fund also participated, as did Concord Ventures, which has invested in Whole Optics since it was founded.
Whole Optics founder and CEO Eli Ben-Uliel said today, “Together with the investors from Carmel, Infinity, and Concord, we are committed to providing the market with high-quality advanced optical solutions at competitive prices.”
Whole Optics is Carmel Ventures general partner Ori Bendori’s first investment since taking up his position. He said, “The field of access to optical networks is growing rapidly in both public and enterprise networks. Whole Optics has a unique technology, which will enable it to supply important elements of this access equipment.”
Several months ago, Carmel Ventures announced that it would expand its investment activity in communications beyond software, its previous focus. Last week, the fund announced that it had finished raising $200 million for its second fund.
Israel Infinity Fund managing partner Avishai Silvershatz added, “Whole Optics’s achievement in developing a product and cutting costs, will enable the company to penetrate the market, and offer a variety of applications, which will make the company a significant player in the field.”
Concord Ventures general partner and Whole Optics chairman Avi Domoshevitzki said, “After years of supporting the company, at a time whem the capital market had stopped investing in optical communications, we are delighted to see that the market once again believes in optical technologies.”
Concord has invested a total of $3.4 million in Whole Optics since the latter was founded.
Published by Globes [online] - www.globes.co.il - on May 15, 2005