Edgeflow Inc attracts US$24-million private placement

Star-up optical networking firm edgeflow Inc has received a private placement of US$24 million from a syndicate of investors, providing a major boost towards its next milestone of initiating customer trials for its optical add/drop switch (OADX). The investment marks the second financing the Kanata ON-based firm has received in recent months, following a $5.5-million placement from California-based Sierra Ventures and Venture Coaches of Kanata. Sierra Ventures has joined with Newbury Ventures as the lead investors in the latest round, along with Desjardins Venture Capital Group, Primaxis Technology Ventures, RBC Capital Partners Telecom Fund, BTG and Pan Dacom Networking AG. edgeflow’s OADX switch is considered a major advance in networking switching due to its transparency, performance monitoring and network management capabilities. Wes Biggs, founder, president and CEO of edgeflow, was previously with the former Newbridge Networks Inc (now Alcatel Canada), most recently as assistant VP R&D of the narrowband group….….