Coherix, a US-based producer of inspection technology for manufacturing equipment, received $12m in funding from China-based lighting equipment maker Huzhou ShinTai Lighting Electric Apparatus yesterday as part of a strategic partnership agreement.
Coherix’s 3D Machine Vision technology is used for measurement and inspection in the automotive and semiconductor industries. The investment was made alongside the formation of a joint venture called Coherix China that will distribute the company’s technology in China.
About $8m of the cash will go to sales and marketing in the US, while $4m will be used to market Coherix China, Coherix CEO Dwight Carlson told Crain’s Detroit Business, adding that it was raised as the company prepares for an initial public offering expected to take place by 2020.
The company has raised about $60m in total, Carlson said. Its largest customer, electronics producer Panasonic, committed $5.2m in early-stage funding, and automotive manufacturer Volvo Group is also an investor.