Raydiance raises growth financing to push ultrafast laser tech
The $20 million infusion led by Samsung's investment arm will help Raydiance ramp manufacturing for its ultrafast laser technologies and push into consumer electronics.
Petaluma, CA -- Raydiance Inc. has completed a $20 million growth financing, led by Samsung Venture Investment Corp., the investment arm of consumer technology giant Samsung Group. The new funds will be used to accelerate its consumer electronics efforts and to ramp up manufacturing to meet the demand for the company's medical device, automotive, and other manufacturing customers.
Raydiance has integrated photonic, computing and software technologies to create commercial-grade ultrafast laser solutions. Raydiance's solutions are in production today in the medical, industrial, and consumer markets.
"Raydiance offers innovative, disruptive capabilities for manufacturing precise geometries in any material made possible by our femtosecond laser light source," said Raydiance president and CEO Dick Pierce. "The precision and economics possible with Raydiance solutions continue to grab market attention. We're discovering new possibilities every day."
"The demand for smaller, smarter devices continues to grow," said Jay Chong, investment director at Samsung Ventures. "Raydiance solutions have the potential to significantly improve existing manufacturing processes and to enable exciting new products. We are investing in Raydiance to ensure that these solutions are available for a variety of high volume manufacturing applications."
Samsung's co-investors for this financing include existing Raydiance investors Draper Fisher Jurvetson, DFJ-Growth, and Greenstreet Partners.
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