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$4 M Funding Round for Ion Optics

Photonics.com
Jan 2004
WALTHAM, Mass., Jan. 30 -- Ion Optics Inc. announced this week the closing of a $4.0 million Series C financing round, led by Digital Power Capital (DPC), of Greenwich, Conn. Previous investor Ardesta LLC, of Ann Arbor, Mich., also participated.

Ion Optics said that with the Ardesta-backed $2.5 million B-round closed in 2003, it made significant progress on its photonic crystal technology. It said the new funding will support the development of the low-cost high-volume device packaging needed to move Ion Optics’ SensorChip, a microelectromechanical systems device, into high-volume markets.

Ion Optics has developed 2-D photonic crystal technology that allows precise wavelength control of infrared light. The SensorChip is the most prominent application for this technology, it said.

"Not only will these sensors replace low-cost, yet unreliable chemical reaction sensors currently in use, but they will also enable many new applications as infrared-quality gas sensors become available at mass-market pricing," the company said in a statement. Applications include respiration sensors for monitoring cardiovascular health, asthma, metabolism and sleep disorders; fresh-air ventilation monitoring for schools, hospitals and commercial buildings; combustible gas monitoring for industrial and residential safety; and tactical infrared markers used by ground forces to assist with night operations. Ion Optics’ photonic crystal technology is also part of a recent proposal for protecting commercial aircraft from the threat of surface-to-air missiles.

"We are focused on investments in core, enabling technologies that take advantage of the new class of materials and tools emerging from the age of semiconductors," said Mark P. Mills, co-founder of Digital Power Capital.

For more information, visit: www.ion-optics.com



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