Rubicon wins $9.5 million for sapphire substrates
The investment was awarded by international venture capital firm Cross Atlantic Capital Partners, Chicago-based KB Partners, Cincinnati-based River Cities Capital Funds, and lead investor, Indianapolis-based Gazelle TechVentures.
"This investment represents a strong endorsement of our business strategy and market focus," said Chris Moffitt, CEO for Rubicon Technology.
Single crystal substrates are used in the manufacturing of optoelectronic devices, as well as compound semiconductors, and optical and laser applications. Specifically, Rubicon will use the funds to meet market demands by increasing its production capabilities and furthering its technology development of larger diameter sapphires and new exotic materials.
Single crystal sapphire substrates, commonly used in LEDs for public signage and video displays, are also used in products that are expected to replace white light and incandescent light bulbs and will be available to consumers within the next three years.
Sapphire materials also are increasingly used in the defense industry because of their optical properties and resistance to heat, impact, and chemical abrasion.
"We are enthusiastic about the emerging market potential for Rubicon s high-growth target applications within the broader optoelectronics market," said Don Aquilano, managing director of Gazelle TechVentures. "Rubicon is in the right place at the right time."
Cross Atlantic Capital Partners, which participated in the follow-on investment, is an original investor in the company. "Rubicon has a superb research and development team and an experienced management team that will play a critical role in the company s success," said Glenn Rieger, president of Cross Atlantic Capital Partners.
"Rubicon s unique manufacturing processes help it to accomplish both goals of producing the highest quality materials with better costs," added Rick Kieser, principal, River Cities Capital Funds.
