TeraDiode Closes $10 Million Series B Funding Round
Jason Martin of Argonaut Private Equity to Join TeraDiode's Board
November 18, 2011 --
LITTLETON, MA -- (Marketwire) -- 11/18/11 -- TeraDiode, a high power laser manufacturer, announced today that it has closed $10 million in Series B venture funding. The round was led by Argonaut Ventures I, LLC and includes Camros Capital, LLC as well as others. Stata Venture Partners, which invested $4 million in Series A funding in 2009, is also participating.
TeraDiode is commercializing high power lasers based on a breakthrough in wavelength beam combining. This breakthrough was pioneered by the company's co-founders Dr. Bien Chann and Dr. Robin Huang when they were at MIT Lincoln Laboratory. Their discovery makes ultra high brightness, high-power direct diode lasers possible for the first time. TeraDiode holds the exclusive license for this technology from MIT and is building its own base of innovative intellectual property. The company has already demonstrated lasers that cut and weld steel plates.
Jason Martin, managing director of Argonaut Private Equity, stated, "TeraDiode has demonstrated that its patented high power direct diode laser technology can transform the economics of industrial lasers and significantly improve the defense capabilities of our country; we are excited to be leading a round critical to the commercialization of this technology." At Argonaut, Jason has invested in over twenty privately-held companies. He will be joining the Board of TeraDiode.
TeraDiode CEO Parviz Tayebati, Ph.D., expressed his enthusiasm over completing this series B financing. "This investment serves a critical role in the commercialization of our disruptive, high brightness lasers for industrial and defense applications," said Parviz. "Having Argonaut Private Equity lead the round, with Stata Venture Partners participating again, sends a strong signal that we are on track to deliver exceptional value to the industrial and defense laser communities."
TeraDiode is the leader in developing direct diode laser technology for industrial and military applications. The company's technology, pioneered at MIT Lincoln Laboratory, has broken all records for combined power and beam quality from a direct diode laser. Many experts consider direct diode lasers to be the future of the laser industry. TeraDiode was initially backed by an investment from Stata Venture Partners. More information about TeraDiode can be found at http://www.teradiode.com.
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