04.11.2009
Heptagon raised over $22m in new equity financing
Heptagon, the world-leader in wafer-scale micro-optics, raised over $22m in new equity financing by investors in USA, Sweden, France and Finland.
Heptagon designs and manufactures advanced micro-optics products for OEM suppliers. The company received the CTI Start-up Label in November 2000, and counts today 150 employees.
"Heptagon has a truly unique and proven value proposition: Optics which are glass-like in quality, being lead-free reflow and Telcordia compatible, but manufactured in the same wafer-scale format as the CMOS image sensor, LED and VCSEL technologies we support. This technology allows us to quickly ramp from several millions to several tens of millions of components per month and enables our customers to benefit from wafer-scale integration of optics with semiconductors," says Chuck Milligan, Heptagon's CEO.
"This is leading to exponential growth in the demand for our products in applications such as CMOS Image sensing. We have introduced several new products this year, including 2 and 3 megapixel camera lenses. These new products increase our addressable market by an order of magnitude and therefore drive the need for a significant capacity expansion for which part of this new equity investment will be used."
Most of the $ 22 million financing is coming from a new syndicate led by GGV Capital. GGV Capital is headquartered in Menlo Park, California with a dual focus on US and Asia technology companies and offices in China and Singapore. Heptagon's current investors, including Innovations Kapital of Sweden, Innovacom of France and Nokia Growth Partners have also participated in this latest round.
Find more information on http://www.heptagon.fi/