Vixar Funding Round Raises $2.5M
PLYMOUTH, Minn., May 2, 2012 — Optoelectronic components and subassemblies supplier Vixar has raised $2.5 million in Series B financing from Phoenix Venture Partners (PVP).
The Series B funding allows Vixar to commercialize its vertical-cavity surface-emitting laser (VCSEL) for the industrial, medical and consumer electronics markets. It also will put into place the personnel and processes required to expand its strategic partnerships and customers and to scale its production capacity.
“We are very excited about the investment by Phoenix Venture Partners,” said Mary Hibbs-Brenner, CEO of Vixar. “Their participation is expected to provide significant assistance in market development as well as solidifying our supplier and partner networks to achieve long-term success.”
Dr. John Chen, general partner at PVP, will become a member of the Vixar board. He joins Dr. Frank Levinson and Peter Davis, current angel investors in the company.
Several locally and nationally based angel investors as well as a local angel investment group participated in the Series A financing. Vixar successfully leveraged the Series A funding with government R&D grants and customer development funding to establish unique, patent-protected technology and to demonstrate its value in customer applications. The company is now poised for significant growth as these technology developments transition to production.
For more information, visit: www.vixarinc.com