Funding for startups

Rayteq Raises $4.5 Million

TEL AVIV – The Israeli startup company, Rayteq Photonic Solutions, Ltd. announced today it has raised $4.5 million in its first round of venture capital financing from Polaris Venture Capital and Ascend Technology Ventures. This is the first closing in what is intended to be a $6.75 million round.

Rayteq was established in January 2000 by Uzi Eran and Dr. Vladimir Solodovnikov. Eran is the former CEO of Fruitonics, a subsidiary of El-op. Prior to founding Rayteq, Eran managed Orbotech’s operations in Western USA. Rayteq received its initial $1 million in financing from private investors. Rayteq develops next generation, high power pumps and optical amplifiers that enable capacity expanding WDM and DWDM applications. Rayteq’s core technologies are the patented SuperFocus, a high brightness source and proprietary fiber laser designs for efficient power conversion. Applications of Rayteq’s products range from ultra long-haul networks through metro and distribution to access networks.

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