Tuesday, August 14th 2012 -- Raydiance, Inc., has completed a $20 million growth financing, led by Samsung Venture Investment Corporation, the investment arm of consumer technology giant Samsung Group. Raydiance says 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.
“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.”
“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.”
Raydiance has integrated photonic, computing and software technologies to create the world’s only commercial-grade ultrafast laser solutions. The company’s breakthrough technology brings intelligent control, commercial grade availability and small form factor to ultrafast laser light. Raydiance bundles lasers in ready-to-integrate solutions – validated, factory-proven tools that save valuable time and money. Raydiance solutions are in production today in the medical, industrial and consumer markets.
Samsung’s co-investors for this financing include existing Raydiance investors Draper Fisher Jurvetson, DFJ-Growth and Greenstreet Partners.
About Raydiance, Inc.
Raydiance develops and produces precision manufacturing solutions enabled by femtosecond laser technology. Our solutions feature ready-to-integrate hardware and software packages that address complex manufacturing challenges. It is our commitment to deliver value—improved products and lower manufacturing costs—to customers in the medical, industrial and consumer markets.
Bill Peatman, 707-338-1674
Director of Marketing
Business Wire logo Copyright (2012) Business Wire.
All Rights Reserved.
Read more at http://www.virtual-strategy.com/2012/08/14/raydiance-raises-20m-growth-financing-led-samsung-ventures#PLxDujKAvBdSpO1y.99