Coral Capital Management led the most recent round, joining previous investors BA Venture Partners and Vesbridge Partners. Coral’s managing director Todd Ortberg has also taken a seat on Picolight’s board of directors.
Picolight is a designer and manufacturer of optical transceivers and components for high-bandwidth optical systems in rapidly growing data center, enterprise, storage area, and metro networking markets. It hopes to use the funding to enable it to bring 1301nm Vertical Cavity Surface Laser (VCSEL) products into volume production, as well as to meet demand for existing products.
The company makes both short- and long-wavelength VCSELs and transceivers based on the components, and says that its revenue has more than doubled in the past year (around 125%), fuelled by demand in Internet protocol (IP)-driven applications, including 10G Ethernet and parallel-optics markets.
Picolight has already raised $90m in capital prior to the most recent round, and the company built its VCSEL fabrication facility way back in 1998.
