POET Technologies Closes $75M Investment
POET Technologies has secured $75 million in investment financing. The integrated photonics company said this week that it closed a non-brokered financing with a single institutional investor.
The company said it plans to use the net proceeds for corporate development, targeted acquisitions, scaling up of R&D, acceleration of the light source business, expanding operations, and general working capital. POET executive chairman and CEO Suresh Venkatesan added that the company is now able to scale its growth ambitions in the market for AI hardware solutions. "This includes investments and targeted acquisitions to secure our technological lead and revenue generating opportunities in light sources for chip-to-chip connectivity, ultra high-speed transceivers, and related applications," he said.
In the last year, POET has expanded its footprint globally and entered into multiple industry collaborations. It signed a memorandum of understanding with Quanzhou Sanan Optical Communication Technology Co., Ltd. (SAIC) last November, to facilitate the transfer to POET of SAIC's stake in the joint venture Super Photonics Xiamen. POET then reached separate agreements with Globetronics Manufacturing and NationGate Solutions to manufacture optical engines for POET in Penang, Malaysia. An additional agreement, with NTT Innovative Devices Corporation, is planned to yield device prototypes next year. POET also partnered with Sivers Semiconductor last week, to develop a high-performance external light source module for co-packaged optics and AI infrastructure.
/Buyers-Guide/POET-Technologies/c31036