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Summit throws weight behind Acacia Communications in $20m financing round

15 May 2013

fibre opticGrowth equity firm Summit Partners has led a $20m financing round for fibre optic device maker Acacia Communications alongside a trio of existing venture investors.

Matrix Partners re-upped its investment just over a week after closing its $450m tenth fund, as did Commonwealth Capital Ventures and Egan Managed Capital.

Summit said its managing director Peter Chung would join the Acacia board of directors following the transaction.

Chung said, “We believe Acacia has the team, the technology and the track record of execution necessary to deliver industry-leading solutions to its customers and superior financial performance for investors.

“The company is very well- positioned to lead the optical networking industry into the 100G era.”

Acacia, which provides transceiver devices to increase optical performance for data centres, cable operators and service providers, recently tripled the size of its lab facilities at its Massachusetts headquarters.

Summit Partners closed two equity funds with combined commitments of $3.22bn in January last year, bringing the firm’s total amount available for investment to more than $9bn.

Summit Partners Growth Equity Fund VIII is a $2.7bn fund formed to invest primarily in profitable, growing companies that will target equity commitments of more than $45m.

The second vehicle, Summit Partners Venture Capital Fund III, is a $520m fund formed to invest in private emerging growth companies, and will also target equity investments of up to $45m.

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