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CyOptics raises $24 million on TriQuint acquisition

InP chip manufacturer CyOptics has rounded up another $24 million in finance and completed its acquisition of TriQuint's optoelectronics business.

CyOptics says that it has raised $24 million in its Series F funding round, which was completed just as the Israel-based company finalized its acquisition of TriQuint Semiconductor's optoelectronics business.

According to CyOptics VP of sales and marketing Ali Abouzari, the latest funding round comprised a mix of $16.5 million in equity investment, as well as a $7.5 million loan from the Comerica Bank.

Participants in the latest funding round included Jerusalem Venture Partners, Sprout Group, TowerBrook Capital Partners and Eurofund.

CyOptics closed its previous funding round of $10.3 million in September last year. It will now apply some of its existing device designs and packaging expertise to the former TriQuint product line.

Valued at $23.5 million all told, the acquisition of TriQuint's optoelectronics division included an undisclosed cash transaction, while it also gave TriQuint an equity stake in CyOptics. The deal also included so-called "seller financing".

CyOptics now has two InP wafer fabs, one in Lehigh Valley, Pennsylvania, and a second in Yokneam Illit, Israel. The latter, a 7000 ft2 facility, has been operational since 2002.

CyOptics now plans to consolidate volume device production at the Lehigh Valley facility, while the wafer fab in Israel will be retained for development work.

Abouzari confirmed that CyOptics plans to sell the full range of products acquired in the TriQuint deal, while implementing its own device designs in some cases. Examples of this strategy include CyOptics' offering of an extended-temperature uncooled laser and also its quasi-cooled laser.

While concentrating on ensuring the continued supply of optical components to its new customers, CyOptics believes that it can return to profitability within the current calendar year.

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