Acacia Adds $3M From MassDevelopment For GrowthDecember 13, 2011
Mass High Tech
by Rodney Brown
Optical networking company Acacia Communications Inc. has won a $3 million credit line from MassDevelopment to expand its facilities in Maynard.
The state agency MassDevelopment reported in a release that its Emerging Technology Fund was the source of the term credit facility for Acacia, which will use it to purchase assets such as “computer, lab, testing, and calibration equipment.” Acacia President and CEO Raj Shanmugaraj said in the release that the company plans to expand its R&D and manufacturing facilities in 2012, and that the “MassDevelopment credit line helps us to expedite the process.”
According to a recent article in the Boston Business Journal, Acacia aims to be first to market, as early as next year, with an ultra-fast 100-gigabit networking transport technology. The core of that tech is an application-specific integrated circuit (ASIC) that performs the company’s novel Forward Error Correction (FEC) process which allows for transmission ranges of up to 2,000 kilometers at ultra-fast speeds, according tot he company’s website.
Privately held, Acacia’s backers include Matrix Partners and Commonwealth Capital Ventures, as well as OFS FITEL LLC.
In November, Massachusetts Biomedical Initiatives (MBI) landed a $680,000 loan from MassDevelopment that will help refurbish and equip lab space in one of its new incubators in Worcester.