Business: An equipment maker for the telecom sector.
Headquarters: Southborough, Mass.
Founded: January 1999
VC raised to date: $155M
Capital raised one year ago: $80M
Investors: AG Edwards & Sons, ABS Ventures, Adams Street Partners, Apax Venture Partners, Bank One Corp., Bay Partners, Dain Rauscher Corp., First Chicago Venture Capital, Firsthand Capital Management, Goldman Sachs, Hexagon Investments, IBM Corp., JPMorgan Partners, MESBIC Venture Holding Co., Pilot House Ventures Group LLC, Putnam Investments, Raza Foundries, Rosewood Capital LP, SG Cowen Private Equity Group, Storm Ventures, Texas Pacific Group and Thomas Weisel Partners LLC.
Plans one year ago: Celox Networks expected its last round to leave it fully funded. It planned to use proceeds for product development. At the time, AT&T and with three other big telecom companies were testing its product. Celox hoped to log its first sale in Q4 2001 and expected to achieve positive cash flow by the second half of 2002. An IPO was the preferred as an exit strategy.
Status: In talks with prospective VCs, Celox is expected to announce another round of private equity financing this fall. Aiming to reduce costs, Celox plans to shut down its St. Louis office by mid-August. Eighty-two of 90 employees were offered relocation packages if they were willing to move to Massachusetts. The company says it is selling products and booking revenue. The company’s CEO declined to say when it will be profitable or have an IPO.