VeriFiber Raises $1.5 Million In Venture Cap

In a move to raise funds for its entry into the optical communications market, Atlanta-based VeriFiber Technologies Inc. has raised $1.5 million in venture capital from Alliance Technology Ventures. This transaction represents VeriFiber's first outside equity investment, and will be used to develop photonic devices for the high-speed telecommunications marketplace.

Founded in early 1997, VeriFiber has been providing products and services to several high-tech companies both domestically and internationally, while conducting research in the area of advanced optical components. These photonic devices will be used in high-speed telecommunications applications including Internet backbones, cable TV, and telephone services.

Stephen Fleming and Michael Slawson of Alliance Technology Ventures will assume seats on VeriFiber's board of directors.

VeriFiber was accepted into the Atlanta-based Advanced Technology Development Center (ATDC) incubator earlier this year. The company will soon be opening an additional office and laboratory in the Georgia Center for Advanced Telecommunications Technology (GCATT) building adjacent to Georgia Tech. The location will allow the company to expand its research in conjunction with facilities on the Georgia Tech campus, forming a strong alliance with the faculty and students working in photonics and related areas.