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MTDC Leads Investment Company Receives $1M Seed Round Financing

Billerica, MA - September 12, 2000 - Continuum Photonics, an emerging leader in the optical networking market, announced that it has closed its first round of financing, led by the Massachusetts Technology Development Corporation (MTDC) and including a number of private investors.

"This investment is both strategic and financial," commented Jeffrey Farmer, Continuum's CEO. "Partnering with MTDC and our private investors gives us access to the venture and financial community and will enable us to more effectively reach potential future investors. We'll also benefit from their having worked with many other leading-edge technology companies that have experienced rapid growth."

Robert Crowley, Executive Vice President at MTDC, stated that the primary reasons they decided to invest were that "Continuum has an extensive depth of technical expertise, an ability to rapidly introduce products, an excellent, experienced management team and a wide range of potential markets for their products. Basically, everything you'd want in an early stage company."

The Company, founded in 1998 by a group of MIT engineers, has been self-funded and is now at a stage that requires additional capital to meet its goals. "This investment will be used to expand our product development and marketing groups, through which we'll be able to identify, prioritize and aggressively pursue opportunities to apply our patented technology into optical networking products," noted Aaron Bent, Continuum's President. "We've already been in contact with potential customer and partners and they're excited about the potential benefits of our approach."

About Continuum Photonics

Headquartered within Boston's high-tech beltway, Continuum is dedicated to bringing the highest performance photonic subsystem and system products to its customers. Leveraging commonality across its platform of patented technologies, DirectLight optical switches are the first in a series of products from Continuum aimed at changing the traditional economics of the communications and test industries. Founded in 1998, Continuum brings together a world-class team, and an extensive product history in aerospace, automotive, consumer products, and the military, where Continuum's products have been designed to meet the most demanding requirements. Continuum is supported through investments by Flagship Ventures, Prism Venture Partners, Harris and Harris Group, GE Capital, MTDC, Arcadian Venture Partners, and Gainesborough Investments.

For more information, please visit www.continuumphotonics.com

About MTDC

MTDC provides venture capital funding for start-up and early-stage technology companies. Since 1979, MTDC has invested over $45 million in more than 100 Massachusetts firms.

For more information, please visit www.mtdc.com

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Contacts

For Continuum Photonics, Inc.

Aaron A. Bent, PhD
Continuum Photonics, Inc.
978-670-4910, x189