Wednesday, November 19, 2008

Raydiance Gets $20M

Petaluma-based Raydiance, a developer of ultrashort pulse lasers, announced today that it has raised $20M in funding. Raydiance said the Series D funding was led by Greenstreet Partners, and also included prior investor Draper Fisher Jurvetson. The funding will go towards scaling infrastructure, technology development, and to target larger commercial markets for its technology. The firm said that the new funding comes on top of an existing $25M in venture capital financing, and $10M in government R&D contracts. The firm also said it has reserved an additional $5M in the round, which it will raise from a strategic investor. Radiance's lasers are currently used for ophthalmology, dermatology, gene transfection, surgery, and homeland security and defense; the firm said it will be expanding into the machining of advanced vascular stents and thin film solar cell production with its next generation product. More information »