VCs commit $22m to China laser developer
SDIC Fund Management, a GP under China’s State Development and Investment Corporation (SDIC), along with the Chinese Academy of Sciences and Suzhou Chengxin Venture Capital, has invested RMB150 million ($22 million) in Everbright Photonics, a maker of industrial lasers based in China.
Everbright Photonics will use the new capital to increase the production capacity of its high-power semiconductor lasers, and to support the development and mass production of new laser technologies, according to a statement posted on the company's WeChat account. It will also expand its partnership with the Suzhou New District for high-tech development.
Founded in 2012 with an initial investment by Taiwanese optical semiconductor developer Optotech, Everbright Photonics develops lasers that offer high performance and reliability for industrial purposes, with additional applications in medical, beauty and scientific areas. It operates via a 13,000 square meter facility in Suzhou and aims to control the entire product life cycle from development through production and sales.
Established in 2009, SDIC Fund Management manages and advises more than RMB60 billion of capital for the likes of SDIC and the National Council for Social Security Fund (NSSF). It focuses on investments in healthcare, advanced manufacturing, technology, media and telecom, and environmental protection.
The GP's recent technology investments include a $100 million Series C round, alongside a fund owned by China Mobile, in electric scooter manufacturer Segway & Ninebot Group last year. It also participated in a $100 million Series A round last year for artificial intelligence developer Cambricon Technologies.
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