16 December 2002 -- High-power laser diode specialist Alfalight Inc., Madison, WI, US, has announced its third venture funding round at USD15m taking total investment to USD49.1m.
The third round venture funding was led by Arch Ventures Partners in Chicago, IL and Advanced Technology Ventures (ATV) in Palo Alto, CA.
Funding was complemented by Alfalight's existing investors, which consist of EDF of Ann Arbor, MI, Venture Investors LLC of Madison, WI, CenterPoint Ventures of Texas, Infrastructure Fund of Menlo Park, CA and Wisconsin Alumni Research Foundation (WARF) of Madison, WI. Alfalight is developing several high power diode laser products targeting applications in the telecommunications, military and industrial industries.
Eric Apfelbach, President and CEO, announced the closing of USD15m for the start-up, which occupies a 35,000 square foot building in Madison, Wisconsin. "Given the current economic environment and the reduced investments in start up technology companies, our ability to close such a significant round validates the strength of our defined market opportunities, the company's technology and the team bringing it to market.
"This funding will assist Alfalight to commercialize laser diode modules that are significantly more powerful and less costly per Watt than what is available today, and also to achieve its goal to further automate the diode laser and packaging production process. Proceeds from this funding will be also be used to continue growth in its Madison facility, enhance product offerings and expand sales and marketing activities".
Alfalight's products are based on intellectual property that is exclusively licensed from the Wisconsin Alumni Research Foundation (WARF) as well as significantly internally generated IP. They are targeting laser diode applications that benefit from their high-power aluminum-free technology.
The company is a "vertically integrated" venture funded diode laser company based in Madison, Wisconsin. They have a world-class management and engineering team and have full development and production capabilities from chip and packaging design to full production capabilities. Founded in November, 1998 by a technical team from the University of Wisconsin, Alfalight designs, develops, manufactures and packages high power diode lasers for various commercial and military markets.
Additional information on the company can be found at www.alfalight.com