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CyOptics raises $57 million in private placement

CyOptics Inc., an Israeli company that develops components for optical communicators, raised US$ 57 million in a private placement from a group of US investors, Elbit Systems Ltd., one of CyOptics“ s…

CyOptics Inc., an Israeli company that develops components for optical communicators, raised US$ 57 million in a private placement from a group of US investors, Elbit Systems Ltd., one of CyOptics“ shareholders, said. Elbit said investors included Cisco Systems Inc., Owens Corning, Intel Capital and the Vitesse Venture Fund in what was a second round of financing for CyOptics. In addition, first round investors, including Elbit which invested US$ 4.8 million, joined the placement. Elbit said its holding, which it controls through its Semiconductor Devices joint venture with the Israeli state-owned Rafael Armaments Development Authority, was diluted to 22.8% from 26.1%. CyOptics is developing components for optical communications in the 10-40 gigabits per second range based on indium phosphate (InP) technology.

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