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Advanced laser technology company TeraDiode Inc. has raised $10 million in a Series B funding round, led by California venture capital firm Argonaut Ventures I LLC, the company said in a release.
Also participating in the Series B round for Littleton-based TeraDiode is previous backer Stata Venture Partners and other unnamed investors. New to investing in the company is Boston-based Camros Capital LLC, the venture investing firm launched by the new CEO of TeraDiode, Parviz Tayebati, who took over that position in September.
In conjunction with the financing, Jason Martin, managing director of Argonaut Private Equity, which runs the Argonaut Ventures I LLC fund, will be joining the TeraDiode board of directors, according to the release. Added to the $4 million Series A round the company took in 2009, TeraDiode has now raised $14 million in equity financing. In addition to that, the company won $3.2 million in a trio of SBIR contracts from the U.S. Department of Defense this summer, for potential military uses of its high-powered LED-based laser systems.
TeraDiode has developed technology that uses a common diode laser — the same sort of device in a CD player or laser pointer — and gangs many of the milliwatt-grade diode lasers to make a single beam in the kilowatt range. The technology was developed by co-founders Robin Huang and Bien Chann, based on a principle called Wavelength Beam Combining, which they perfected while they were working as researchers at MIT Lincoln Lab.
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