BinOptics to Expand its Laser Product Line and Accelerate Blue Laser Development Effort Following Series C Funding
STIC International Leads BinOptics’ Third Round, Joining Draper Fisher Jurvetson, Cayuga Venture Fund, FA Technology Ventures, and ArrowPath Venture Partners
Ithaca , N.Y., Nov. 15, 2006 – BinOptics Corporation, an emerging leader in integrated microphotonic chips produced using a revolutionary etched-facet technology, today announced it has closed its Series C round of funding totaling $6 million. The funding was led by new investor, STIC International, the Palo Alto-based U.S. arm of STIC Investments, one of South Korea’s leading venture capital and financial equity groups. Previous BinOptics investors, Draper Fisher Jurvetson, Cayuga Venture Fund, FA Technology Ventures, and ArrowPath Venture Partners, all participated in this round.
“BinOptics has clearly demonstrated the value of its etched-facet technology to meet challenging performance and cost targets for InP-based communications devices, and has recently shown similar capability for GaN-based blue lasers,” said Steven Lee, Partner at STIC International. “We believe BinOptics is poised to make a big impact in the global marketplace and are pleased to be able to contribute at this stage in the company’s growth.”
BinOptics will use the new funding to support the scaling of its line of telecom and datacom lasers designed for high speed (up to 10Gbps) over a wide range of temperatures. It will also be used to accelerate product development of etched-facet blue lasers for optical storage applications.
“The demand for competitively priced lasers that can operate reliably at high temperatures, speeds, and powers is now growing at a rapid rate on a world-wide basis for a variety of applications,” said Alex Behfar, CEO of BinOptics. “Our unique manufacturing approach has allowed us to meet these requirements in the key material systems, and we are now ready to move to the next stage in production and product development. We are particularly pleased to have the support of STIC International in this global marketplace and are gratified to have the support of all of our previous investors.”
BinOptics products are manufactured using its proprietary etched-facet technology, which significantly reduces the cost of production, testing, and handling compared to conventional laser processing. The technology also enables monolithic integration of multiple functions on a single chip because of its flexibility and high yield. The company’s products include edge-emitting lasers with optional integrated monitoring detectors as well as the industry’s first horizontal-cavity surface-emitting laser (HCSEL™). The HCSEL™ is a high power, high reliability surface-emitting laser operating at the1310nm and 1550nm communication wavelengths.
About STIC International
STIC International, based in Palo Alto, CA, is the U.S. arm of STIC Investments, one of South Korea's leading venture capital and private equity financial groups. STIC is leading the transition of Korea's domestic venture capital industry to the global marketplace. STIC International uses its various private equity funds to take advantage of the high-growth opportunities developing in the U.S. and Asia Pacific regions, by leveraging Korea's technology strength and its market-leading positions in the global economy. STIC’s investment focus is in information technology, wireless, software, manufacturing and consumer electronics-related industries. For more information on STIC International, visit www.sticinternational.com/.
About BinOptics Corporation
BinOptics manufactures monolithically integrated laser chips based on its proprietary etched-facet technology. This unique platform allows the company to meet commercial requirements with higher reproducibility, more flexibility for product design and integration, significantly lower cost, and higher performance than alternative processes. The company's products address datacom and telecom applications such as gigabit Ethernet and PON as well as advanced non-telecom applications. Founded in November 2000, BinOptics is privately held. The company is located in the Cornell Business & Technology Park in Ithaca, N.Y.
For more information about BinOptics and its products, please visit www.binoptics.com or contact Norman Kwong at email@example.com or 607-257-3200 x251.