|Fusion Optix, Inc., a Massachusetts-based developer and supplier of optical components and LED modules, has closed a Series D funding round worth $3.5 million.
The proceeds will be used to ramp-up in-house production capacity and expand the company’s research and development and patent activities.
The round was over-subscribed and limited only to existing investors in the company. The investment also marks the conversion of some debt to equity in the company.
Terence Yeo, Fusion Optix’s founder and CEO, said that the investment marks a significant step forward for the company. “The company has grown rapidly and is now profitable and in excellent health,” he said. “Innovation is in our DNA and over the past few years we have continued to develop great new technologies and product ideas to the extent that the company now holds more than 80 US and international patents.”
Yeo added that the company would use the investment to “quickly add to our in-house manufacturing and rapid prototyping capabilities.” In September 2011, Fusion Optix completed a major upgrade to its in-house production capabilities at its headquarters in Woburn, MA.
The markets served by Fusion Optix are “incredibly fast moving and competitive,” said Yeo. “Our customers expect us to increase our capabilities and capacity and offer continuing improvements in performance and cost down. We hope this investment sends a positive signal to all our customers that we intend to do whatever we can to keep enabling adoption of new technologies that provide performance and energy savings around the globe.”