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ONEPATH NETWORKS SECURES $40 MILLIONIN LATEST
ROUND OF FINANCING
PRINCETON, N.J., October 10, 2000 - OnePath Networks, a leading
provider of broadband optical access systems for the residential
market, today announced that it has secured $40 million in its latest
round of financing.
First-time contributor Aurum-SBC Investments led the current round
and was joined by Patricof & Co. Ventures and Geneva Merchant Banking
Partners as well as by CIBC World Markets, Israel Seed and Apax
Partners (Israel) with major follow-on investments.
OnePath Networks has raised more than $54 million since its founding.
The company will use the additional capital to speed the development
and rollout of its optical access products and systems.
"Our vision of developing true broadband convergence solutions
is forward-thinking and market leading," explained David S. Stehlin,
chief executive officer and president. "Our iPath and HomePath product
lines are gaining wide acceptance and this new investment allows
us to grow at even a faster rate. Adding Aurum-SBC Investments,
Patricof & Co. and Geneva brings both strategic as well as financial
value. Additionally, the significant capital committed by our previous
investors is gratifying testimony to our progress as a company."
Oded Rose, managing director of Aurum-SBC Investments, said: "We
are excited to partner with OnePath Networks in their efforts to
solidify their leadership position in providing optical access solutions
to service providers for the delivery of high-quality and cost-effective
data, video and voice services to the residential marketplace. As
demand for more speed, services and bandwidth continues to explode,
the company is well positioned to capitalize on new opportunities
through its industry-leading optical access technology."
Added Michael Duran, a partner at Patricof & Co.: "We are strong
believers in the residential optical access market. OnePath is led
by a world-class management team, and the robust platforms being
developed will have a significant impact on the industry."
The iPath product line, released in July, delivers high speed data
(10 Mbps) as well as CATV and DBS entertainment video all over a
single wire into a home without the need for an expensive cable
or DSL modem. iPath is in the process of being deployed at multiple
major service providers across the U.S.
HomePath, currently in development, is a true Passive Optical Network
(PON) access system delivering high speed data, video and voice
over a single fiber to single family homes.
About OnePath Networks
OnePath Networks designs and manufactures broadband optical access
equipment which solves "first-mile" bandwidth bottlenecks through
the convergence of data, video and voice communications over a single
fiber for delivery to multiple-dwelling unit (MDU) and single-family
unit (SFU) residences. Known for its breakthrough technology and
affordable system solutions, the company serves its worldwide customer
base with headquarters, sales, marketing and technical services
in Princeton, N.J., and R&D; and operations in Jerusalem, Israel.
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