News Article
Daylight Solutions closes $15 M Series C equity financing
The strategic financing round is focussed on expanding Daylight’s core compound semiconductor QCL technology and manufacturing infrastructure for defence and commercial applications.
Daylight Solutions has announced the closing of a $15M Series C equity financing with Northrop Grumman Corporation as the lead investor, together with several of the company’s existing investors.
The Series C financing will enable the company to continue its high rate of growth, while further maturing and advancing its technology, and expanding its product offering and manufacturing infrastructure. Manufacturing capacity, quality processes, reliability, and field support will be significantly enhanced as a result of the financing transaction.
Daylight Solutions has developed a wide range of products for scientific research, defence, and commercial markets based on its III-V semiconductor Quantum Cascade Laser (QCL) technology. The company’s QCL-based products are ideally suited for addressing molecular detection and imaging applications that benefit from mid wave infrared and long wave infrared illumination. One example is the company’s JammIR family of laser products for Infrared Countermeasures (IRCM).
Multiple configurations and capabilities of the JammIR product line have been successfully tested under environmentally demanding conditions for military rotary and fixed wing applications, and have undergone multiple flight tests. The JammIR product family has been verified as a highly effective infrared countermeasure against a variety of missile threats. The company remains the world leader in QCL-based products with several hundred commercial laser systems already manufactured and delivered into a wide range of markets.
“We are pleased to receive this additional endorsement of our technology and capability from a market leader such as Northrop Grumman,” said company Chairman and CEO Timothy Day. “The Series C financing will allow us to serve all of our customers with a family of QCL-based products based on a modular, open source, core technology platform meeting the requirements of the most demanding environments in defence as well as commercial markets. Our manufacturing infrastructure, capacity and reliability programs will be expanded as a result of the financing transaction.”
“Our investment in Daylight Solutions serves as an acknowledgement of their leadership position in QCL-based products, and reflects our commitment to deliver best-in-class solutions to our customers in support of our warfighters,” commented Jeff Palombo, Sector Vice President and General Manager of Northrop Grumman’s Land and Self Protection System Division.
Daylight Solutions and its wholly owned subsidiary Daylight Defense, LLC, have leveraged their core technology in QCL modules to create multiple versions of its JammIR™ line of products. The company’s modular approach allows for high flexibility, reducing the cycle-time from design to deployment, while providing significant improvements in reliability and lifetime over existing technologies.
