Sagitta Raises $15.3 Million in Second Round of Funding Led by Pitango Venture Capital
Sagitta Provides Innovative Process Equipment to the Fiber Optics Market
In its second round of venture funding, Sagitta, a leader in process equipment for the fiber optic industry, announced it has raised $15.3 million. Pitango Venture Capital led the round joined by, Tamir Fishman Ventures, Ascend Technology Ventures, our current investors and a new strategic investor.
"This latest round of funding in the current market condition is a vote of confidence in the solutions we are bringing to the fiber optic manufacturing industry," said Amir Chitayat, President and CEO of Sagitta. "We have made significant progress in working with leading companies that demand process equipment for improving the optical performance of devices, reducing manufacturing cost and enhancing yield. Additionally, we are also delighted that our new investors bring a deep level of market and industry knowledge that will be invaluable going forward."
Sagitta launched its first product in fiber optics last year, the Gemini-Pi, a process system first in the market to integrate polishing, cleaning and optical metrology for fiber optic components and connectors. The Gemini converts what is typically a manual work cell operation to a completely seamless automated process that produces components with superior optical properties and higher yields. The machines are deployed as a backbone in production lines for AWGs, v-groove blocks, connectors, and ferrule assemblies and represent a paradigm shift enabling reduction of costs and increased scalability. The fiber optic component market is burdened with inefficient manufacturing practices resulting in high production costs and low yields and is aching for process and automation equipment to support future growth.
"Market conditions may be challenging today, but there is no doubt that the growth of the industry will depend on efficient manufacturing equipment solutions when the rebound hits," said Moshe Levin, Senior Principal of Pitango Venture Capital. "Sagitta's release of the Gemini product series is indicative of the abilities that will position them to be a leader in the capital equipment market for fiber optics."
The company gained several new board members, including Moshe Levin from Pitango Venture Capital and Avner Shelem from Ascend Technology Ventures. The $15.3 million raised by Sagitta in this round is in addition to the $5 million raised in their first round almost two years ago from Tamir Fishman Ventures and JDSUniphase.
Sagitta has a deep portfolio of patented technology in materials surface processing, automation, machine vision and system control software. It intends to use the new influx of capital to continue building its infrastructure to support the Gemini product family and introduce new products focused on the fiber optics market.
About Pitango Venture Capital
Pitango Venture Capital (formerly Polaris originating in Israel), the leading venture capital firm in Israel, has been investing in technology entrepreneurs since 1993. With offices in Tel Aviv, Silicon Valley and London, Pitango currently manages several venture funds totaling over $700 million in committed capital invested in more than 80 companies including AudioCodes (NASDAQ: AUDC), Chromatis (acquired by Lucent), CardGuard (SWX New Market: CARDG), ITXC (NASDAQ: ITXC) and Radware (NASDAQ: RDWR). Pitango specializes in providing long-term support and value-added services to its portfolio companies, with a focus on seed to late-stage companies in communications, software and Internet infrastructure, semiconductors and medical technology and biotech. More information about Pitango is available at www.pitango.com.
About Tamir Fishman Ventures
Tamir Fishman Ventures is a $200 million VC focused on making primarily early stage investments, as well as selective seed and late stage investments in companies operating in the communications, software and Internet segments. With strong partners, enhanced networking and a highly experienced technology-savvy management team in both its Tel Aviv and Silicon Valley offices, Tamir Fishman Ventures is a part of Tamir Fishman & Co, Israel's leading investment bank that manages assets of over $1.5 billion. Tamir Fishman Ventures is uniquely positioned to provide real value in helping portfolio companies develop into global market leaders. More information about Tamir is available at www.tfventures.com.
About Ascend Technology Ventures
Established in mid-1999, Ascend Technology Ventures is an Israel-based venture capital fund with $100 million of smart, well connected money. The fund invests in promising early-stage to late-stage high growth companies developing breakthrough technologies in the fields of communications, wireless, data networking, Internet infrastructure, software, semiconductors and medical devices. More information about Ascend is available at www.ascendvc.com.
Sagitta Background Information
Sagitta Ltd. is a technology-based equipment supplier for the fiber optics and semiconductor industries. A core holding of patented technologies in precision automation, machine vision and sub micron polishing has led to the introduction of multiple systems into these markets. The company has introduced the Gemini product series, a platform first in the fiber optics market to integrate the processes of polishing, cleaning and optical metrology on a single platform. Already a leader in failure analysis equipment for the semiconductor and media fields, Sagitta provides an award-winning suite of sample preparation tools used for cross sectional, SEM or TEM semiconductor inspection. Sagitta is headquartered in Hauppauge, New York and has a Research & Development center in Israel. Sagitta is a global company with machines installed in Fortune 500 companies.