TEL AVIV, Israel--(BUSINESS WIRE)--Headline of release should read: ColorChip Raises $25M to Support Major Data Centers Power Through the Data Tsunami (instead of ColorChip Raises $23M to Support Major Data Centers Power Through the Data Tsunami).
The corrected release reads:
COLORCHIP RAISES $25M TO SUPPORT MAJOR DATA CENTERS POWER THROUGH THE DATA TSUNAMI
ColorChip, the optical communications innovator and creator of “SystemOnGlass™” based transceivers, receives funding led by IGP. Vintage, Gemini Israel Funds, and BRM Group also invest to help top-tier data centers manage the explosion of web traffic
ColorChip, (http://color-chip.com) a privately held Israeli company that provides cost effective, dense, hyper-scale transceivers and advanced optical splitters, has raised $25M in growth-funding to scale up its operations and accelerate its product roadmap.
With Internet services becoming more data intensive due to streaming HD video, virtual reality, cloud computing, and IoT devices, there is a growing need for new technologies to help data-centers manage all of the exponentially growing traffic. ColorChip’s innovative optical communication solutions are well positioned to help solve the growing bandwidth demand of the web.
The round was led by Israel Growth Partners, a tech-focused growth equity fund with participation from Vintage Investment Partners, and existing investors Gemini Israeli Funds and BRM Group. IGP General Partner Haim Shani will be joining the ColorChip Board of Directors. To date, the company has raised $60M with Gemini and BRM leading the previous rounds.
“ColorChip is currently in high-growth mode, with production expected to increase 15 times in the next 24 months. We are already serving top-tier customers in the U.S. and China, and this new funding will support our efforts to scale further and meet the accelerating demands of the market,” said ColorChip CEO, Yigal Ezra. “I would also like to welcome Haim Shani to our board and I look forward to benefiting from his experience in scaling up our businesses.”
ColorChip has developed unique SystemOnGlass™ technology – a hybrid optical integrated circuit. ColorChip uses glass wafers to industrialize its optical devices, allowing for cost effective, rapid, and highly scalable production. In essence, this allows the company to bring efficiencies commonly only seen in semiconductor fabrication to the world of optical communications.
ColorChip is also unique in the Israeli landscape, since it not only develops its solutions but is also vertically integrated and manufactures its core technology in its wholly owned and operated state of the art fab in Israel. The fab utilizes the company’s unique IP and is a critical component of its core technology, positioning the company as a leader in the industrialized manufacture of optical assemblies.
“We are excited to partner with ColorChip. We believe that ColorChip’s unique inter-disciplinary optical and networking technology addresses a major pain in an industry that is experiencing exploding bandwidth and speed demands and is looking for breakthrough innovations,” said Haim Shani, Co-Founder and General Partner at IGP. “IGP believes that ColorChip’s technology provides a unique opportunity to better serve the growing demands of the Datacom market and this round will enable the company to scale its operations to meet those demands. I look forward to working with ColorChip’s board and management during the exciting journey ahead.”
Founded in 2001, ColorChip is an optical communication innovator in the fields of Optical Components and Sub-Systems. ColorChip helps top tier data centers power through the bandwidth crunch with its reliable, scalable, and robust High Speed Networking and Communications solutions. ColorChip is committed to providing the best in-class products, solutions and services. Its PLC, Waveguides-In-Glass Technology and its SystemOnGlass™ transceivers and splitters have pioneered the way for ColorChip to become the optical communication innovator.