Optical transceiver developer Source Photonics says it has closed more than $40 million in funding from “new financial and strategic investors” it did not further identify. The money will be used to expand the company’s 5G product line, upgrade its laser chip production facilities, and fund developments in other markets, including data centers.
“We value our investors’ trust and confidence in Source Photonics especially during these challenging times of global health and economic crisis,” says Weiming Li, CEO and president of Source Photonics. “Their enthusiasm and confidence in us prove that our team is on the right track as we focus on responding rapidly to our customers’ needs and developing advanced technologies to cope with the increasing demand for bandwidth. Our next step is to seize the global market opportunity as demand for networking and cloud services skyrocketed as millions of people around the world are working and learning from home."
Source Photonics closed more than $100 million in funding last May as well (see "Source Photonics attracts more than $1 million in equity funding").
The company says that it is in good shape in the face of the worldwide COVID-19 coronavirus pandemic. It noted that, despite disruptions elsewhere in China, its factory in Chengdu has been operational since early February. Factories in Jintan, Mainland China, and in Hsinchu, Taiwan, are also operational. Source Photonics says the funding round will enable it to leverage these facilities more efficiently to enhance speed to market, yield manufacturing innovations, and offer flexibility to its customers.
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