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Networking - Wednesday, December 28, 2005

Luminous Is Hosed

$183M in VC investments and 7 years into it and Cupertino-based networking startup Luminous has decided to call it a day. Employees told Light Reading that everyone was put on waivers - the perfect holiday present. Luminous' fall is classic F*%cked Company fodder. The company bounced around from business model to business model and funding round to funding round. Buoyed by big company sales and access to capital it resisted liquidity options, until its largest partner and client - Scientific Atlanta - was bought out by Cisco - Lumininous' biggest competitor. When the company could not meet revenue targets, its largest investor - Hercules Capital - called it curtains. On top of this the board had made the unforgivable mistake of allowing CEO Chris Stark to reside in Texas while managing the Silicon Valley company. That's just awful. Read - Luminous Loses Luster (Light Reading) Luminous Investors C.E. Unterberg Towbin Advisors CIT Venture Capital Crown Advisors International Doll Capital Management Dynafund Ventures Easton Hunt Capital Partners Firsthand Capital Management Kingdon Capital Management Morgan Stanley Venture Partners Pacific Venture Group Pyramid Technology Ventures Quan Ventures Sternhill Partners Vanguard Ventures CIENA, Hakuto Samsung Scientific-Atlanta... Continue...