Thursday, May 18, 2006

LightPointe Shuts Down

San Diego-based LightPointe Communications has shut its doors, according to sources close to the company. LightPointe was developing free space optic systems for connecting campuses and last-mile connections, and had received over 4 rounds of funding from Cisco, Ampersand Ventures, Corning Innovation Ventures, GATX, Huawei, Sevin Rosen, and others. According to a source close to the company, who spoke with socalTECH this afternoon, LightPointe's employees were laid off Monday, and the firm's assets have been assigned to Sherwood Partners, which is known for its shutdown of failed dot coms. LightPointe had raised over $68M in venture funding. As of press time, calls to Sherwood Partners for comment were not returned.