OTTAWA, Canada -- Tropic Networks, an innovative company developing optical packet networking systems
for carriers in metropolitan area networks, and the GATX/MM Venture Finance Partnership,
a leading venture finance provider, today announced the completion of a US$10
million debt financing for Tropic. Participating with the GATX/MM Venture Finance
Partnership in this financing round were Transamerica and Silicon Valley Bank.
Tropic Networks will use the new round of debt funding to fuel rapid growth and
continue development of their next-generation optical packet network equipment.
This optical packet network system brings new levels of dynamic control and scalability
to networks by combining data services with intelligent optical transport in a
single, carrier class package. The Company's vision of optical packet networking
incorporates internet protocol (IP) as the dominant services protocol, Ethernet
as the preferred data interface and optical wavelengths as the ubiquitous transmission
medium. This model enables carriers to enhance their revenue opportunity by extending
the life of existing networks and services while adding compelling new IP, Ethernet
and wavelength services.
"We are elated to have the GATX/MM Venture Finance Partnership on board. Their
outstanding reputation as a leading technology lender provides further validation
for our Company", said Kevin Rankin, CEO of Tropic Networks. "This loan is a key
component in our plan to make Tropic the leader in optical IP for metro area networks".
"Tropic's strong technical and management team, combined with a superior solution,
has positioned the Company to capitalize on the vast optical packet network market",
said Minhas Mohamed, Managing Partner, MM Venture Partners. "We are pleased to
provide debt financing to supplement the $60,000,000 in venture capital equity
funding Tropic has already obtained this year. We are confident that Tropic is
going to be a leading player in the optical IP market".
About the GATX/MM Venture Finance Partnership
The GATX/MM Venture Finance Partnership is a privately held, venture-debt fund
that focuses exclusively on private technology companies in Canada. The Partnership
focuses specifically on Canadian information technology and biotechnology companies.
The partnership comprises MM Venture Partners, founded in 1998 in Toronto and
GATX Capital. San Francisco based GATX Capital, is a unit of GATX Corporation,
a specialized finance and leasing company active worldwide. For further information
please visit www.mmvp.com
About About Tropic Networks Inc.
Tropic Networks is a privately held company focused on delivering optical packet
networking systems for carriers that demand greater cost-effective scaling of
their metropolitan networks to meet the current and future demands of IP traffic.
Its unique solution enables carriers to enhance revenue opportunities by extending
the life of existing networks and services, while adding compelling new IP, Ethernet
and wavelength services. Tropic Networks revolutionizes the cost, availability
and flexibility of the carrier’s network by providing unmatched levels of scalability
and control, and the ability to dynamically tune the network and business case
as service portfolios evolve with customer demands. Based in Ottawa, ON, and Andover,
MA, Tropic was formed in May 2000 by an experienced core team of optical and networking
engineers and executives. For more information, visit www.tropicnetworks.com
For more information, please contact:
Tropic Networks Inc.
Gord Wyse, CFO
MM Venture Partners
Ron Patterson, Partner