“We’re excited that Fujikura and the New Jersey Economic Development Authority have joined our investors in taking an equity stake in the company,” emphasized Nistica CEO Ashish Vengsarkar. “Both have been terrific partners and have been integral to the success of our FLEDGE family of products as we move to scale our operations.” Nistica has also entered into a capital lease line and an A/R facility with RBC Bank’s Boston office.
Nistica announced a key appointment to its executive team. Joanne Bisconti has been named vice president of finance and is charged with overseeing the financial planning and banking functions, as well as managing human resources for the company. Prior to Nistica, Joanne held a series of positions including Controller, Finance Director and Vice President of Finance and Human Resources at Opticon Inc., a manufacturer of bar code scanners and data collectors.
EDA Chief Executive Officer Caren S. Franzini said the EDA investment was made under the state's Edison Innovation Fund, a key element of Governor Jon Corzine's Economic Growth Strategy to support technology and life sciences companies in New Jersey throughout their discovery, development and commercialization stages. Franzini said, “This investment in Nistica is a perfect example of how the Edison Innovation Fund is working to keep New Jersey at the forefront of technological breakthroughs.”
About Nistica
Nistica is a global supplier of agile optical modules that simplify, automate and make affordable the delivery of high-bandwidth applications, enabling systems providers across multiple industries to meet ever-increasing demand. Formed in January 2005, Nistica is funded by Battelle Ventures, Novitas Capital, Technology Venture Partners, Finisar Corporation, Fujikura Ltd., NJEDA and notable individual investors. The company is working with DLP® Technology from Texas Instruments and has partnered with industry leaders to expand its global reach and scale production. For more information, visit the company website, www.nistica.com.
About Fujikura Limited
Fujikura Ltd. (Tokyo, Japan) is one of Japan's foremost manufactures of electric wire and cables. Since its establishment in 1885, the Company has introduced technologies and products that meet the highest global standards. Their extensive product lineup and expertise are the culmination of more than a century in business, combined with a positive, energetic corporate attitude. In addition to electric wire and cables, today the Company also offers a growing range of products for the information and communications industries, notably optical fibers and fiber-optic components, and such electronic materials and components as electronic wires, flexible printed circuits and so on. For more information, go to www.fujikura.co.jp.
About RBC Bank (USA)'s Knowledge Based Industries Group
RBC Bank (USA)'s Knowledge Based Industries Group serves technology companies using its Life Cycle approach to commercial banking. KBI's experienced team of technology bankers provides a full suite of services including credit, cash management, and international services to information technology, life science, and media companies in all stages of their life cycle. In addition, KBI leverages the resources of RBC Financial Group (NYSE, TSX: RY), which includes RBC Capital Markets, its full-service investment banking unit, and RBC Technology Ventures Inc., its venture capital unit, to the benefit of its clients.
About EDA
The EDA is a state financing and development agency that works to promote economic growth, job creation and the revitalization of New Jersey’s communities with financing and incentives, access to technical support and real estate development assistance. For more information on the Edison Innovation Fund, visit the state’s business portal at www.NewJerseyBusiness.gov.
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