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Home > Press > SiOnyx raises $12.5M in Series B

Abstract:
SiOnyx Inc., a Massachusetts-based photonics company, has raised $12.5 million in Series B financing. Funds were invested by first-time investors Coherent Inc., Crosslink Capital and Vulcan Capital, while return investors included Polaris Venture Partners and Harris & Harris. SiOnyx will use the funding to launch their first commercial products.

SiOnyx raises $12.5M in Series B

Beverly, MA | Posted on October 20th, 2010

SiOnyx Inc., a leading innovator in high-performance photonics, today announced that it has successfully completed its series B financing, closing at $12.5 million. New investors Coherent Inc., Crosslink Capital and Vulcan Capital joined existing investors Polaris Venture Partners and Harris & Harris to complete the round. There are no resulting changes to SiOnyx's board of directors.

"The addition of a strategic partner and two top-tier venture capital firms to our series B syndicate underscores the tremendous economic potential of SiOnyx's innovation," said Stephen Saylor, CEO of SiOnyx.

"Our early success in delivering record-breaking performance in applications from simple light detection to thin-film photovoltaics has fueled our momentum. With this new funding, SiOnyx will launch our first commercial products and expand the suite of solutions offered to our strategic partners."

SiOnyx is commercializing a fundamentally new semiconductor processing technique that represents a breakthrough in the development of smaller, cheaper, high-performing silicon photonic devices. The company recently demonstrated record-breaking photosensitivity in collaboration with the Army Research Office (ARO) and is currently working with a number of industry and government partners to advance the use of its technology.

"Coherent's investment in SiOnyx, one of our strategic partners, reflects our confidence in the company and its technology to help us capture new opportunities in the photovoltaic industry as it continues to expand towards grid parity," said John Ambroseo, Coherent President and Chief Executive Officer.

Vulcan Capital, the venture investment firm founded by Microsoft co-founder Paul Allen, is impressed by SiOnyx's novel technology platform. Venture partner Jill Watz added: "We expect the disruptive nature of SiOnyx's technology to create entirely new product categories and deliver powerful performance enhancements to the multi-billion dollar market for silicon photonics."

Based on a novel laser implant method first discovered at Harvard and commonly referred to as ‘Black Silicon,' SiOnyx's patented semiconductor process dramatically enhances the performance of light-sensing devices across a range of applications in the consumer, industrial, medical and defense industries.

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About SiOnyx
SiOnyx is a leading innovator in high-performance photonics serving the consumer, industrial, medical and defense industries. SiOnyx’s patented semiconductor process dramatically enhances the performance of light-sensing devices, delivering hundreds of times more sensitivity to light than traditional silicon. As a result, SiOnyx’s platform represents a significant breakthrough in the development of smaller, cheaper, high-performing photonic devices in applications ranging from simple light detection to advanced digital imaging, photovoltaics and more. Additional information about SiOnyx is available at www.sionyx.com.

About Coherent, Inc.
Founded in 1966, Coherent, Inc. is a Russell 2000 Index company and a world leader in providing laser-based solutions to the commercial and scientific research markets. For more information about Coherent, including product and financial updates, visit our website at www.Coherent.com.

About Crosslink Capital
Founded in 1989, Crosslink Capital is a leading stage-independent venture capital and growth equity firm with over $1.5 billionin capital under management. Crosslink was among the first and largest investment firms in the U.S. to integrate public and private technology investing. This strategy allows Crosslink to partner with its portfolio companies on a long-term basis. With more than 20 years behind it, Crosslink Capital has invested in over 90 private equity portfolio companies, including Miller Heiman, Omniture (acquired by Adobe Systems) Pandora, SeaMicro, Twin Creeks Technologies, Virage Logic, and Yipes (acquired by Reliance Communications). For more information on Crosslink, visit www.crosslinkcapital.com.

About Vulcan Capital
Vulcan Capital is the private investment arm of Vulcan Inc., the company founded by Paul G. Allen in 1986 to manage his philanthropic and business initiatives. Vulcan Capital is focused on generating long-term value appreciation across a multibillion dollar portfolio, which spans diverse industry sectors and investment asset classes, ranging from early-stage venture investments to public equity value investing, leveraged buyouts, acquisitions, and distressed situations.

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