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Print Edition StoriesTuesday, September 21, 2010
Investors shine $13M Series B round on Laser Light Engines
By Rodney H. Brown
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Laser Light Engines Inc. of New Hampshire has closed a $13 million Series B financing round from strategic partner IMAX Corp. and returning investors Braemar Energy Ventures and Harris & Harris Group Inc. Laser Light will use the new funds to speed growth in its product development and engineering efforts, and its marketing staff.
Salem-based Laser Light signed a deal in July with IMAX to make a custom version of its laser light technology for exclusive use in IMAX digital projection systems. Under the deal, Laser Light Engines will provide IMAX (Nasdaq: IMAX) with two years of complete exclusivity and a third year in which it would not offer the technology to any other large-format theater systems. Also, Laser Light Engines would provide outsourced research and development for new features for IMAX films and theaters.
In December of 2009, Laser Light Engines took on $2 million of a proposed $4 million debt funding round. That followed $5 million in its first institutional round, which came in May of 2008. With the addition of some bridge financing, Laser Light has taken in just under $10 million in funding, Darrow said.
In mid-November 2009, Laser Light Engines hired Doug Darrow, former general manager of Texas Instruments’ DLP Cinema Division, to serve as CEO, succeeding Bill Beck, Laser Light Engines’ co-founder, who took the role of executive vice president, business development.
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