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Date Announced: 28 Sep 2016
Integrated Optics is known as a producer of the world’s most compact high-performance CW lasers. The products are dedicated to applications in material analysis and medical diagnostics. Two years ago the company raised 2.3M EUR from Business Angels Fund I, business angel Vertex SMS and EU structural funds, established state of the art production line and released the second iteration of its famous MatchBox series of lasers. In 2016 the company is planning to triple the turnover and expand production capacity.
Lithuania has deep traditions in laser science and more than 25 companies serving the photonics industry. Competences range from semiconductor laser chip manufacturing to sophisticated femtosecond laser systems and top notch optics.
Integrated Optics was founded in 2012 by two industry professionals, focusing on ultra compact laser development. Company’s engineers developed a unique method for robotic assembly of optical devices and filed several patent applications related to new optical cavity designs for sum-frequency generation and active mode-locking.
First investment of the Business Angels Fund I was finalized back in 2013, when the company already had first prototypes of CW lasers – the beginning of MatchBox series. The seed investment amounted for 0.3M EUR and was dedicated to further development of the concept. Later on, the fund added 1.2M EUR as a follow-up investment aimed at establishing a pilot production line.
‘We direct investment deals of the fund towards companies, where we see clear commercial perspective, strong and viable technology. After 3 years of collaboration ‘Integrated Optics’ delivers the results we expected’, states Daiva Rakauskaitė, a partner of the fund.
Currently the company has 17 employees and owns a 750 sq. m. facility, wherein a 200 sq. clean-room was arranged. The products are already used in such applications as early cancer detection, general Raman spectroscopy, gemstone sorting, and many more.
In the end of 2016 the company is planning another round of investment – this time a strategic partner is sought. New funds will be used for launching new product lines and production expansion. In the next 2-3 years the company is planning to expand its current product line by 30% and launch a new product line – industrial picosecond lasers, targeting applications in precision material processing.
‘New product development and enhancing the patent portfolio remain a key goal for the company over the next few years. We seek to expand our customer base by collaborating with diagnostic device manufacturers who develop next generation, more compact, and cost-efficient instruments. Here our technology has a substantial advantage’, elaborates Evaldas Pabrėža, the CEO of the company.
Further he adds that in 2016 a new release of MatchBox laser series has been started to be tested by the largest laser integrators in Europe. More than 95% of the production is exported. Only one laser out of 500 was sold in the homeland, whereas the majority was exported to Germany, Japan, France, and the USA.
About the Business Angels Fund I
Business Angels Fund I invests in SMEs in the territory of Lithuania. The investment deals can be up to 600k EUR into a single company, a private angel investor participates with an equal or higher amount. Since the beginning of 2016 the fund has been executing only the follow-up investments. The partners of the fund actively participate in management boards of the companies which they have invested in, share the knowledge and expertise by helping the teams to gain management and planning skills.
Currently the total portfolio of the fund amounts to 15M EUR, 6.9M EUR of which was invested by the JEREMIE controlling fund.
About JEREMIE
JEREMIE (Joint European Resources for Micro to Medium Enterprises) is a joint initiative launched by the European Commission (Directorate-General Regional Policy) and the European Investment Bank (EIB) Group to improve access to finance for Micro, Small, and Medium-sized Enterprises (SMEs) in the EU within the Structural Funds framework for the period of 2007-2013. JEREMIE offers the EU Member States through their national or regional Managing Authorities the opportunity to use part of the resources made available from the EU Structural Funds and also national resources into Holding Funds. The JEREMIE Holding Fund provides finance to SMEs in a flexible, sustainable, and innovative way, by providing equity, (micro) loans or guarantees financial instruments through selected local financial institutions acting as European Investment Fund (EIF) intermediaries.
E-mail: info@integratedoptics.com
Web Site: www.integratedoptics.com
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