Fibre-optic component maker Optovation added another US$3 million on Tuesday to its financing round announced two months ago.

That brings the total for the company's financing first announced Nov. 19 to $23 million. Optovation began with $14 million in VC funding in 1999 (all figures in U.S. dollars).

The lead investors in this round were Altamira Investment Services Inc. and Newbury Ventures.

The funding will be used to complete current product development and evolve the company's activities in sales and product delivery.

At this point Optovation is still developing its product but is deriving some revenues from sales of engineering samples. The company expects a major commercial launch of its product with the subsequent revenue stream some time in 2002, Larry Tarof, co-founder and CEO, said in November.