By Rizal Tupaz

Optical networks components maker CyOptics Inc. has appointed Ed Coringrato as its new president, chief executive and board member. Coringrato was formerly vice president of business development for CyOptics, a role he took on after CyOptics acquired optical start-up CENiX Inc. in 2003.

Coringrato was a co-founder and chief financial officer of CENiX, which was formed in 2000 to develop high-speed optical transponders.

CyOptics' former president and chief executive, John Pilitsis, 61, is retiring and will serve as industry director to the board and special advisor to the company on issues of strategic positioning and market development.

Coringrato said in a statement, "We have...differentiated technology and a tier-one customer base. Our focus will remain on executing against the strategic and operational plans that we have put in place."

Ali A. Abouzari, vice president of sales and marketing at CyOptics, said the company currently has no plans for more fundraising and expects to be in a break-even position late in the year. He said, "Our products are shipping as we speak."

To date, CyOptics has raised $87 million in total funding, including a Series E round of $10 million led by Jerusalem Venture Partners and closed in September 2004.

Other investors in the start-up include Soros Private Equity Partners, Sprout Group, Eurofund Partners, Ventech and Innovacom SA.

CyOptics designs and manufactures optical engines for broadband communications. The company's focus is to provide modules that are five times smaller than industry standard modules, and require less electrical operating power. This high volume production is enabled by using a flexible, "nanotech-capable" robotic manufacturing process that delivers high uniformity and low cost.

The company currently has 60 employees - half work in its wafer chip fabrication facility in Yokneam Illit, Israel, and the other half based in its automated packaging and testing operations and corporate headquarters in Lehigh Valley, Penn.