Intense Photonics raises GBP10.5m for product development and marketing
23 August 2002 -- Scottish integrated optical component developer Intense Photonics has closed a £10.5m series B round of funding, to be used to accelerate the development of its product range and strengthen its marketing effort.
23 August 2002 -- Integrated optical component developer Intense Photonics - based in High Blantyre, Scotland - has closed a GBP10.5m series B funding round, led by Cazenove Private Equity with a syndicate including first-round investors 3i and ACT Venture Capital together with European venture capital funds FNI Venture Capital and TTP Ventures.
This follows a previous total of GBP10m series A funding from 3i and ACT Venture Capital, venture leasing from European Venture Partners and grants from the Scottish Executive.
The company will use the new funds to accelerate the development of its product range and strengthen its marketing effort.
CEO David Lockwood says that "against almost all planning scenarios this exceptional funding achievement sees the company through to the generation of positive free cash flow."
Cazenove Private Equity CEO Tod Bensen adds that "The many current and potential applications of Intense Photonics quantum well intermixing techniques have given us the confidence to invest in the company at a time when most photonics companies are struggling and market visibility remains poor."
Robin Winning of 3i's Technology Team said: "the difficulties in the technology capital markets have tended to conceal the fact that there are many sound businesses developing technology with a global application."
Intense Photonics holds the intellectual property rights to QWI (quantum well intermixing) component processing techniques, initially developed for over a decade at the University of Glasgow, which allow multiple optical functions such as lasers and amplifiers which reduce component count and enable the creation of new functionality to be fabricated on a chip in a single processing stage in its fully operational semiconductor fabrication facility. Developing such components in conjunction with the systems houses requires significant capital equipment and several design iterations, claims Intense Photonics.
Robert Crawford of Scottish Enterprise said, "I am delighted that a Scottish based company in this high value knowledge intensive business has secured such broad support from a wide range of European investors. This is a reflection of the growing reputation we have in Scotland for the skills and innovation we have in the optoelectronics sector."