White Rock Mines $42 Million Fourth Round

Lonnie Martin, CEO of White Rock Networks, has become a reluctant recipient of venture money. Having already raised $102 million over three rounds between January 2000 and November 2001, the optical company, was ready to go to market with a product and seemed poised for growth.

But while some sales revenue has trickled in this year, a meager marketing program and a sluggish economy prevented White Rock from realizing the revenue it expected. White Rock’s needed more cash for day-to-day operations. And with an IPO effectively ruled out by a weak stock market, Martin turned to his venture investors for the fourth time. “Can you say survival?” he asks.

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