VENTURE CAPITAL – Advent VP heads west for K2

Advent Venture Partners formed part of an investor syndicate that provided $12 million (EURO12.8 million) of first-round funding for US optical components start-up K2Optronics. Led by Alloy Ventures, the syndicate also included Sutter Hill Ventures, The Photonics Fund, JAFCO American Ventures and Dr Narinder Kapany.

Palo Alto-based K2, founded last summer, has proprietary technology that opens up new possibilities for solutions in the telecom cross connect market including a better solution for high port count switching and wavelength routing.

K2’s president and CEO, Raj Kapany, says KT Optronics expects rapidly to become a leading supplier of “truly scalable and economic optical switching solutions” for high-speed Internet-enabling telecommunications equipment. The company will complete prototype lasers and switches before the end of this year, moving into commercial manufacture during 2001.

Advent’s Dave Cheesman comments: “K2 Optronics is a high quality start-up offering patented technology in a very attractive marketplace. In addition, it boasts a world-class management team well experienced in developing and launching new products. We expect K2 Optronics to become a very significant player in the opto-electronics industry”.