PoLight, a Norway-based camera lens technology developer backed by contract research and development institute Sintef, has raised $19m in an oversubscribed series C round, Optics.org reported on Thursday.
The oversubscribed round was led by the Swedish government’s technology and life sciences financing group, Stiftelsen Industrifonden. Investinor, Viking Venture and Alliance Venture and TD Veen also took part.
PoLight previously raised $18.5m in a 2011 series B round, led by Investinor and including Sintef, via its investment arm Sinvent, Viking and Alliance. It also secured an undisclosed amount in a 2009 series A round backed by Sintef, fiber optics technology developer Ignis, Viking, Alliance.
Fibreoptic equipment maker Ignis spun out PoLight in 2009, two years before it was acquired by network equipment maker Finisar. PoLight has developed a fast-action camera lens for smartphones that would allow users to refocus a photograph, even after it is taken, without reducing the image’s quality.
PoLight will use the funding to bring its technology to market in the second half of 2015 and move towards an initial public offering.
The company will also begin working with electronics and semiconductor manufacturer ST Microelectronics on the production process, after previous manufacturing partner SVTC Technologies ceased operations.