Local Start-up Vixar Raises $2.5M From CA Firm
Plymouth-based start-up Vixar, Inc., announced Monday that it recently raised $2.5 million in financing from California-based venture capital firm Phoenix Venture Partners.
Vixar specializes in making parts for a type of semiconductor laser known as a Vertical Cavity Surface Emitting Laser, which is a component of wireless industrial and medical sensors and allows manufacturers to make the sensors smaller than their conventional size.
The company, which outsources the manufacturing of its products, said it will use the funds it raised to increase its production in the hopes of expanding its customer base. It currently has eight employees.
“We are very excited about the investment by Phoenix Venture Partners,” Vixar CEO Mary Hibbs-Brenner said in a statement. “The firm brings a wealth of experience in the market space and a valuable set of strategic partner relationships. [Its] participation is expected to provide significant assistance in market development, as well as solidifying our supplier and partner networks to achieve long-term success.”
The $2.5 million round of financing was Vixar's second since its founding in 2005. The company raised an undisclosed sum in 2008 from various angel investors, including local groups Twin City Angels, Sofia Angel Fund, and the 3C Capital Partners.
Peter Davis, one of the angel investors and a member of Vixar's board, said in a statement that the investors that participated in the company's initial financing round are pleased with the company's progress.
“Vixar has established the base technology and positioned [itself] for growth by earning design wins with several customers in the industrial and medical sectors,” Davis said. “We are delighted to join forces with [Phoenix Venture Partners] to achieve the next step in commercial success.”