Business: Optical networking company.
Founded: June 1998
Headquarters: Cupertino, Calif.
VC Raised to date: $148 million
VC Raised one year ago: $80 million
Investors: CE Unterberg Towbin, Clarity Partners, Crown Advisors International, Doll Capital Management, DynaFund Ventures, Easton Hunt Capital Partners, Firsthand Capital Management, Hakuto Company, Morgan Stanley Venture Partners, Pacific Venture Group, Pyramid Technology Ventures, Quan Ventures, RWI Group, Samsung Corporation, Scientific-Atlanta, Sternhill Partners, Thomas Weisel Partners, Tyco Capital, Vanguard Ventures
Plans one year ago: Although Luminous hadn’t expected to use the private equity markets again, poor market conditions forced Luminous to postpone its IPO plans and raise an $80 million round of private equity instead. While the company swore that it would be its last round of private equity, it acknowledged that it had to put its IPO plans on hold indefinitely. The company instead focused on shipping products and building a strong revenue base both in the U.S. and abroad. The round was expected to take the company to profitability.
Status: A year later, Luminous is shipping products both domestically and abroad to major telecom service providers. Thus far, the company hasn’t tried to hop on the private equity train again and has not moved forward with an IPO. Luminous is now looking to hire a vice president of business development to help plan the company’s next move, which will most likely be to form partnerships and alliances with customers and equipment manufacturers.