Wednesday, January 12, 2005
Occam Raises $5.3M In Private Placement
Santa Barbara-based Occam Networks announced yesterday that it has raised an additional $5.3M in funding in a Series A-2 private placement. The funding came from Alta Partners, U.S. Venture Partners, Norwest Ventures, and New Enterprise Associates. All were previous investors in the firm. The company also said that the firms have committed an additional $2.9M for future investment. Occam said that the Series A-2 Preferred placement gives a liquidation preference of 150 percent of the original purchase price to the investors, ahead of common stockholders. Occam is currently listed on the OTCBB, where it fell after an IPO as Accelerated Networks. Occam develops Ethernet and IP-based loop carrier equipment for the telecommunications industry.