PoLight raises new capital
Horten Norway, February 3 2015:
poLight® secures financing for commercialisation and strengthens shareholder base
– Plan for public listing on track
poLight® AS has raised NOK 145m in a private placement of shares directed towards new and existing investors. The funds provide financing for the next steps towards commercialization of poLight®’s leading autofocus actuators for mobile phone cameras and represents a next step in the announced plan for a public listing.
Stiftelsen Industrifonden, one of Sweden’s largest and most experienced investors in growth companies, is the leading new shareholder participating in the placement and will nominate one representative to the poLight® Board of directors. The capital injection is supported by existing investors led by Investinor, Viking Venture and Alliance Venture. Furthermore the Norwegian investment company TD Veen (http://www.tdveen.no) and existing investors have participated in the equity issue.
“poLight® is on track for commercialisation of our unique technology and is committed to the ambition of taking a leading role in the market for auto focus lenses used in mobile cameras”, says Øyvind Isaksen, CEO of poLight®. “Industrifonden becoming a leading shareholder with its vast experience will enable us to further strengthen our position”.
poLight® offers the fastest autofocus (AF) actuator for use in future smartphones. poLight® has a patented Tunable Optical Lens with many performance benefits compared to today’s VCM (Voice Coil Motor) lens, and it scores far better in terms of instant focus and low power consumption. Combined with advanced image processing the poLight® lens will create new mobile applications such as: Instant FocusTM enabling to bring the image in focus instantaneously; All in FocusTM which will allow the user to have all objects in-focus, from close to far; and full resolution Focus after the fact, which enables the user to refocus the picture long after taking it without losing image quality.
poLight® works with several potential customers and is in the process of establishing manufacturing capacity in a cooperation with ST Microelectronics as a manufacturing partner. Volume production is planned to start in the second half of 2015 in time to address a fast growing market estimated to expand from USD 1.2bn in 2013 to USD 2bn in 2017.
”poLight® has the potential to become a leader in a billion-dollar market. We look forward to sharing our experience in bringing new high-end technology to the market”, says Dan Ekelund at Industrifonden.
Last autumn poLight strengthened its organisation and engaged Øyvind Isaksen as CEO. This professionalization of the organisation was the first step towards an IPO. poLight planned to raise NOK 90-120 million in this round of financing. The over subscription enables the company to further accelerate its growth.
“We are very pleased with the response from the investors and welcoming Industrifonden on board together with the other new investors. poLight® has strengthened its capital- and shareholder base, and is now ready to take the next steps towards commercialisation and an IPO”, says Chairman of the Board Eivind Bergsmyr.
For further information please contact:
Chairman of the Board: Eivind Bergsmyr, mobile: +47 920 99 010
CEO: Øyvind Isaksen, mobile: +47 908 76 398
For further information about the company and the largest investors:
poLight www.polight.com
Viking Venture (http://www.Vikingventure.com/)
Investinor (http://investinor.no)
Alliance Venture (http://www.allianceventure.com)
Sintef Venture (http://www.sintef.no/Kommersialisering/Sinvent-AS/)
Stiftelsen Industrifonden (http://www.industrifonden.se/)