CHICAGO, July 25 -- Rubicon Technology Inc., a Chicago-area manufacturer of exotic optical-grade materials for the opto-electronics market, announced it has raised $9.5 million in its second round of investment. The investment was syndicated by four leading venture firms, including Cross Atlantic Capital Partners, Chicago-based KB Partners, Cincinnati-based River Cities Capital Funds and lead investor Gazelle TechVentures.
Rubicon will use the funds to increase its production capabilities and further its development of larger-diameter sapphires and new exotic materials. Single-crystal sapphire substrates -- commonly used in light-emitting diodes (LEDs) for public signage and video displays -- are also used in products that are expected to replace white light and incandescent light bulbs that Rubicon said will be available to consumers within the next three years.
LEDs have the potential to capture significant share of the general illumination market because of their durability and significantly lower energy consumption, the company said. Sapphire materials are also increasingly used in the defense industry because of their optical properties and resistance to heat, impact and chemical abrasion.