Photonic Materials captures funding

17 Jun 2002

Scottish start-up scores a cash injection of £10.5 million in its second funding round.

The funds will be used to recruit expertise, develop novel products and gear up Photonic Materials' new manufacturing facility.

"Despite the current slowdown on deployment of fiber-optic networks, this is the ideal time to achieve further differentiation and provide greater value for our partners by investing in new technology-based solutions that will help build and operate faster, more efficient telecommunication networks," said Photonic Materials' chief executive John Nicholls.

Photonic Materials has developed a cost-effective process to grow and develop the optical crystals used in the passive-optical components that manage and route light within optical networks, which it says will deliver consistently higher-quality crystals for next-generation fiber-optic equipment.

The cash, which builds on the £3 million first-round funding raised last year, comprises £8 million in equity funding from European venture capitalists 3i, Intel Capital, Royal Bank Ventures and Scottish Equity Partners, with a £2.5 million selective assistance grant from the Scottish Executive for capital investment.