Avalon Photonics Raises $5.5 Million

May 14, 2003
Zurich, May 14, 2003. Avalon Photonics has completed its second round of financing raising a total of $5.5 million dollars of venture capital funding. The round included existing investors Viventures and the CSEM, and two new investors: Venture Incubator from Switzerland and innotech from Germany. The funding will allow the company to reinforce its position as a leading supplier of state-of-the-art high-speed and single mode Vertical Cavity Surface Emitting Lasers (VCSEL)

Zurich, May 14, 2003. Avalon Photonics has completed its second round of financing raising a total of $5.5 million dollars of venture capital funding. The round included existing investors Viventures and the CSEM, and two new investors: Venture Incubator from Switzerland and innotech from Germany. The funding will allow the company to reinforce its position as a leading supplier of state-of-the-art high-speed and single mode Vertical Cavity Surface Emitting Lasers (VCSEL).

In September, 2000, Avalon Photonics spun off from CSEM, the Swiss Center for Electronics and Microelectronics. The Avalon Photonics team has been developing and producing single- and multimode VCSELs for the datacom and sensing markets for more than nine years.

Dr. Heinz Meier, who joined the company in 2002 as Chief Executive Officer of Avalon Photonics commented: "We welcome Venture Incubator and innotech as new shareholders. These new investors bring complementary strengths that can enhance our business, and complement our existing shareholders Vision Capital, Viventures, Intel Capital and CSEM. We now have a strong shareholder base from which to finance our future expansion and reach positive cash flow. With more than nine years of experience in VCSEL design, development and manufacturing, Avalon Photonics Ltd will be in a solid position to meet present and future requirements in the short range optical data-communication segment as well as in the sensing market."

Mr. Sven Lingjaerde, General Partner with Vision Capital, the Transatlantic Venture Capital firm added: "With this second round of financing, Avalon is well positioned to be a long term player in the high-end VCSEL industry."

Alain Nicod, Managing Partner, VI Partners commented: "We trust Avalon to play an important role in the data communication market in the following years. The company has a strong track record with its customers in terms of product reliability and innovation. Management has the relevant experience to bring the company to success."

Dr Hazel Arnot, Partner with innotech added: "What especially positions Avalon for success is its strength not only in datacom, but also in the sensing market, where Avalon is one of the leading VCSEL providers for sensing applications."

Avalon Photonics Ltd. is a venture capital funded enterprise with headquarters in Zurich, Switzerland. In 2000, it has been founded as a spin-off from CSEM. It focuses on the development, production and marketing of high-speed and single mode vertical cavity surface emitting laser (VCSEL) products.

For more information, visit www.avalon-photonics.com .

Laser Focus World

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