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Polatis Closes $9.4 Million (£5.1 Million) in Third Round Financing

Cambridge, UK - November 10, 2004 - Polatis, the leading supplier of ultra-low loss optical switches, today announced that it has completed its third round of funding of $9.4m. The financing round was funded by the existing investor group, comprising of 3i, Alta Berkeley, EonTech Ventures and Prelude Trust plc.

“This financing round will allow us to ramp up our manufacturing capability in-line with customer demand,” commented CEO Dave Lewis, “it will also provide the funds we need to extend our product portfolio to include complementary products that we will be announcing in the very near future.”

“Polatis has made tremendous progress since the last round of funding. It has a fantastic product range which has attracted tier 1 customers. We are very pleased to be involved in the company’s continuing success” said Krishna Visvanathan of 3i.

“Polatis has at its core a truly disruptive technology platform that has allowed it to develop a comprehensive range of optical switching products with performance that is unrivalled by any other vendor” commented Tim Brown, Partner at Alta Berkeley.

Meanwhile Dr Bob Hook, director of Prelude Trust plc, stated “Prelude believes that the combination of a highly differentiated product portfolio, strong customer traction and this additional injection of funding will allow Polatis to become a dominant force in the marketplace.”

Polatis’ photonic switch products utilize the patented Micro-Actuation and Sensing System (MASS) which is based on time proven technologies such as those used in hard disk drives and ink jet printers. The MASS technology platform has established a solid foundation for a family of highly reliable optical switches with performance that is unmatched by any other photonic matrix switch. The world-class performance of the switch makes it ideal for a wide range of uses including hybrid switching in telecommunication networks, automated test, video switching, and defence applications.

About Polatis Ltd

Since inception in 2000, Polatis has set the benchmark in ultra-low loss optical switching. Its patented direct optical beam steering technology is powering the creation of highly reliable and compact photonic switching solutions. Polatis delivers a broad range of optical switching products with class-leading performance to customers in the communications, defense and instrumentation sectors. The company is located in Cambridge, UK on the country's foremost Science Park. Polatis is backed by 3i, Alta Berkeley, Prelude and EonTech.

To learn more please visit our website at: www.polatis.com

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Contacts

Abbie Clarke
Marketing Coordinator
Polatis Ltd
332 Cambridge Science Park
Cambridge, CB4 0BZ, UK
+44 (0)1223 394807