Firecomms eyes growth with $12 million deal
Irish optoelectronic device and transceiver manufacturer Firecomms has received a € 9.6 million ($12.1 million) boost to its finances that will help boost chip production.
The firm, which is based in Cork, in the south of Ireland, closed the deal with both new and existing shareholders. The new investors include Dublin-based ACT Venture Capital and Alps Electric North America, which is already a Firecomms customer.
"This investment will enable Firecomms to increase production of its proprietary semiconductor VCSELs, and of the company's fiber-optic transceivers," said the firm in a statement.
Firecomms also makes so-called resonant-cavity LEDs and transceivers based around these components for both high-speed consumer applications and automotive-grade infotainment systems.
It recently released a transceiver based on a 650 nm light source that is designed for delivery of voice, video and internet traffic over "Fast Ethernet" communication links based on plastic optical fiber.
Firecomms CEO Declan O'Mahoney says that the additional funding will allow the company to take advantage of emerging revenue opportunities in both the automotive and consumer electronics markets.
Previous investor Atlantic Bridge Ventures also took part in the latest funding round, and its CEO Brian Long said he believed that Firecomms' unique optical technology would position the company for very significant growth in the next few years.
