Ranovus receives $24 million in follow-on financing

Ottawa telecommunications start-up Ranovus Inc has received US$24 million in a new round of equity and growth capital to further develop and market its interconnect products for data centre and communications networks. With operations in Ottawa, San Jose and Nuremberg Germany, the funding follows an initial $11-million round in 2013 for the three-year-old firm, which develops and commercializes optoelectronics and transceiver subsystems to provide high capacity interconnect products and scalable infrastructure. In has about 25 staff, most of which work in Ottawa and is headed by Hamid Arabzadeh, a veteran of Nortel Networks Corp and former head of California-based CoreOptics which was sold in 2010 to Cisco Systems Inc for $100 million. The backers in the latest financing round are OMERS Ventures, Azure Capital Partners of San Francisco, T-Venture, the venture capital arm of Deutsche Telekom, BDC Capital, MaRS Investment Accelerator Fund and Export Development Canada....