16 December 2011

BinOptics raises $13.3m in funding

BinOptics Corp of Ithaca, NY, USA, which makes semiconductor lasers and monolithically integrated optoelectronic components, has raised $13.3m in a new funding round involving five new investors Advantage Capital Partners, Enhanced Capital Partners, Gefinor Ventures, Onondaga Venture Capital Fund and Rand Capital, plus existing investors ArrowPath Venture Partners, Cayuga Venture Fund, Draper Fisher Jurvetson, and FA Technology Ventures. Advantage Capital Partners senior VP Reid Hutchins joins the board of directors.

Founded in 2000 and ISO-certified in August 2010, BinOptics uses proprietary processes for manufacturing lasers and integrated photonic devices at low cost. In recent years, it has established a global market presence by shipping more than 25 million Fabry-Perot (FP) and distributed feedback (DFB) lasers in high-growth markets such as EPON (Ethernet passive optical networks) and GPON (Gigabit passive optical networks).

The new funding will be used to continue expansion of its product lines and to accelerate development of new products. “This funding enhances our ability to meet strong demand for our current 2.5Gbps and 10Gbps distributed feedback laser products,” says chairman & CEO Alex Behfar.

“The current funding will enable BinOptics to leverage its patented laser structures and manufacturing processes to move into new materials and markets,” notes Chris Davis of Gefinor Ventures.

“BinOptics has great potential to create new jobs here in upstate New York,” comments Rand Capital’s president Allen ‘Pete’ Grum. BinOptics currently employs over 50 people, with plans to hire additional engineers and technicians in 2012.

Tags: BinOptics

Visit: www.binoptics.com