Startup rounds up $11.2M
Vito Pilieci, The Ottawa Citizen

Wednesday, October 03, 2001
Galazar Networks closed its first round of financing yesterday, netting $11.2 million.
The optical networking systems developer said it will use the money for research and development and to meet its goal of releasing a product in 2003.

Galazar, which competes in a market dominated by such giants as Nortel Networks and Lucent Technologies, said its product will help service providers route information traveling across next-generation fibre networks.

Ottawa venture capitalist Skypoint Corp. was the lead investor.

"We are 50 per cent along the path of having our first prototypes built," chief executive Richard Deboer said. "We are timing the market properly and we are making engineering efforts to build that product"

Galazar said it hopes to expand its workforce to 60 employees from 25 by the next year. "We will have a product that is ready for customer’s hands in approximately two years," Mr. Deboer said. "The market is soft but it is still a strong market and it still has a lot of future."

© Copyright 2001 The Ottawa Citizen


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