Sanders spins out optical components

Sanders has signed an agreement with three leading venture capital firms to create a new company based on Sanders-developed optical communications technology. Products developed will be used in telecommunications, computing and internet applications.

The new company, known as TeraConnect, will produce a variety of optical and optoelectronic devices, which contain fundamental technology developed at Sanders.

The agreement between Sanders and the investors, Goldman Sachs, Kodiak Venture Partners, and Spectrum Equity Investors, was signed on November 9th and TeraConnect has already begun operations. Financial terms of the agreement were not disclosed.

A core team of Sanders employees will transfer to the new company to design, develop and integrate the new devices. Dave Furneaux, Managing General Partner at Kodiak Venture Partners, will serve as Chairman of the TeraConnect Board of Directors.

Sanders, a Lockheed Martin Company, is on the web at