MassDevelopment Emerging Technology Fund Helps Acacia Communications Expand Facilities
December 12, 2011
MassDevelopment has provided Acacia Communications, Inc., a fast-growing developer of optical networking technology and products based in Maynard, with a $3 million Emerging Technology Fund term credit facility from the Agency’s Emerging Technology Fund (ETF). As part of expanding its facilities, the company will use the proceeds to purchase computer, lab, testing, and calibration equipment.
“Acacia Communication is driving innovation in optical networking to enable ultra-high speed transmission of consumer and business applications such as video, cloud computing, and mobile broadband,” said MassDevelopment President and CEO Marty Jones. “The Emerging Technology Fund provides equipment financing for sophisticated technology development, and we're proud to help Acacia Communications grow in Massachusetts.”
Acacia Communications develops game-changing advances in optical and electrical technology that provide transformative, cost-compelling, easy-to-use fiber optical transmission capabilities to the network equipment vendors, service providers, and enterprises that power the world’s information networks.
“Our experienced management team has built businesses before in Massachusetts, and it was never a question where we wanted to launch and grow Acacia Communications,” said Raj Shanmugaraj, President and CEO, Acacia Communications. “We have access to the best talent here and resources, such as MassDevelopment. We plan to expand our R&D and manufacturing facilities again in 2012, and the MassDevelopment credit line helps us to expedite the process.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2011, MassDevelopment financed or managed more than 300 projects generating investment of $3.8 billion in the Massachusetts economy. These projects are projected to create more than 10,000 jobs (2,547 permanent and 8,129 construction), and build or rehabilitate more than 1,000 residential units.