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DustPhotonics raises $24 million in follow-on funding round

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The company says the investment will boost production of its current products for 400G and 800G applications, as well as accelerate development of new products for 1.6T applications

DustPhotonics, a developer of silicon photonics technology for datacentre and AI applications, has announced that it has raised an additional $24 million in its Series B follow-on funding round. The company says it will use this new investment to scale production of its Carmel-4 and Carmel-8 products, used for 400G and 800G applications, and to accelerate development of its next-generation products, which aim to enable 1.6T applications.

DustPhotonics says this latest funding round was oversubscribed, and was funded by a combination of new and existing investors, such as Sienna Venture Capital, Greenfield Partners, Atreides Management, and Exor Ventures.

“We looked at innovative technologies supporting the fast-growing AI compute market, and DustPhotonics stood out as a leader in this market due to their technology and customer traction,” said Isabelle Amiel-Azoulai, founding partner at Sienna Venture Capital. “We are excited by the customer agreements and backlog that the DustPhotonics team has generated with its Carmel-4 and Carmel-8 products, and look forward to working with the DustPhotonics team to help the company in this next growth phase.”

“Greenfield Partners is excited to continue to support DustPhotonics in this upcoming phase of growth, on the back of strong execution by the DustPhotonics team across both product innovation and commercial wins,” said Yuda Doron, managing partner at Greenfield Partners. “We continue to be firm believers in the prospect of silicon photonics becoming a key enabler for datacentres to meet the increasingly demanding requirements brought upon by AI, as demonstrated by the company's recent momentum.”

Ronnen Lovinger, CEO of DustPhotonics, commented: “We are seeing a lot of design-win momentum with our products, and are excited by the new opportunities ahead in both AI and cloud service datacentres. We are grateful to have a strong group of investors who have been supporting us from the early days, and are delighted to have new partners join our journey ahead.”

Avigdor Willenz, chairman of DustPhotonics, added: “Since undergoing the transition to a silicon photonics chip company from a transceiver company, I have seen the team at DustPhotonics do a tremendous job achieving their milestones on technology, products and business. I believe their upcoming innovations will allow them to further grow their position as a leader for next-generation merchant silicon photonics products.”

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