Note: comments posted are strictly the opinion of the poster and not necessarily those of Fiber Planners Inc. or any other posters.
Tuesday, September 16, 2003
Corning sells off venture capital unit
"Corning Inc. said today it has sold its venture capital arm, Corning Innovation Ventures (CIV), to a venture capital group called Scimitar Capital Partners (SCP). The terms of the deal were not disclosed. CIV will maintain offices in Corning, New York, and Greg Smith will continue to serve as president, according to a Corning statement."
"Corning Innovation Ventures was started with an initial fund of $50 million in 2000, near the peak of the bubble. The fund was started mainly to help Corning feel out up-and-coming technology areas, says Smith. 'We were founded, not solely for financial gain, but primarily for strategic reasons,' he says. But after Corning sold off its optical components unit to Avanex, the company decided it no longer needed a VC arm. CIV made investments in Cinta Corp., CyOptics Inc., OptXCon Inc., World Wide Packets Inc., Photodigm Inc., Iolon Inc., Ondax Inc., Akara Corp., Celion Networks Inc., LightPointe Communications Inc., Innovance Networks, and Xanoptix Inc, according to its press announcements."