PhotonIC Technologies, a venture-backed optical semiconductor company, announces the closure of its Series-B round of financing, at a significant increase in valuation from its Series-A round. In addition to a recommitment from Series-A investor Walden International, new investments are from Shenzhen Cowin Capital and Shanghai Capital.
Walden International is investing using their newly-formed Sino-Chip Ventures, focused specifically on Asian IC investments. Walden International is one of the world's leading venture capital investors in technology. Previous investments include SMIC, Inphi, GigaDevices, GoPro, and DJI, with more than 100 of its portfolio companies having gone IPO worldwide. Shenzhen Cowin Capital is one of the largest private equity and VC firms in China, with over 8-billion RMB in managed assets. Cowin Capital is renowned for its success rate in taking Chinese companies public, such as LeTV and 众安康. Shanghai Capital is a recently-formed venture-fund with a focus on fast-growing IOT technologies, whose recent successful investments include Leadcore and Zotye Auto.
With this Series-B round of investment, PhotonIC plans to double its headcount, move from R&D into volume production, and focus on customer success.