The venture capital arm of South Korean consumer technology giant Samsung has led a $20m growth financing round for California-based Raydiance, the maker of the world’s only commercial-grade ultrafast lasers.
Samsung Ventures’ co-investors in the round include existing Raydiance investors Draper Fisher Jurvetson, DFJ-Growth and Greenstreet Partners.
The company, which primarily makes lasers for the medical, industrial and consumer markets, will use the financing to accelerate its consumer electronics efforts and to ramp up manufacturing, it said.
“The demand for smaller, smarter devices continues to grow,” said Jay Chong, investment director at Samsung Ventures. “Raydiance solutions have the potential to significantly improve existing manufacturing processes and to enable exciting new products.
“We are investing in Raydiance to ensure that these solutions are available for a variety of high volume manufacturing applications.”
The round follows an oversubscribed $12m financing round for virtual server company Astute Networks, which Samsung Ventures led in July.
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