PETALUMA, Calif., Aug. 15, 2012 — Samsung and other companies have invested $20 million in ultrafast laser solutions company Raydiance Inc. in Raydiance's latest growth financing round.
The new funds will be used to accelerate Raydiance’s consumer electronics efforts and to ramp up manufacturing to meet the demand for its medical device, automotive and other manufacturing customers.
The investments were led by Samsung Venture Investment Corp., the investment arm of Samsung Group. Samsung’s co-investors for the financing round include existing Raydiance investors Draper Fisher Jurvetson, DFJ-Growth and Greenstreet Partners.
“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.”
The 9-year-old company has now raised $75 million since its inception, said Bill Peatman, director of marketing.
For more information, visit: www.raydiance.com