QD Laser, a Japan-based semiconductor laser technology developer backed by multiple corporate investors, has been approved to float on the Tokyo Stock Exchange (TSE)’s Mothers Market.
The initial public offering is set to take place on February 5, 2021 and will involve QD Laser issuing more than 9.4 million shares, with some 2 million more earmarked for the greenshoe option.
QD Laser makes semiconductor lasers, including quantum dot lasers that can be applied in areas such as healthcare, telecommunications and display panels. Its lead product is a laser retinal imaging device called Retissa Medical.
The company’s shareholders include IT equipment manufacturer Fujitsu (26.6%), financing provider Tokyo Century (13%), conglomerate Mitsui (12.45%), insurers Axa Life and Daiichi Life (6.8% and 2.7% respectively), internet company Digital Garage’s DG Ventures unit (2.4%) and Nikon-SBI Innovation Fund, a joint venture between imaging technology provider Nikon and financial services firm SBI (2.4%).
Axa Life, Daiichi Life, DG Ventures, Nikon-SBI Innovation Fund and Tokyo Century all took part in a $32.9m round for QD Laser in 2019, investing with Intage Open Innovation Fund, NTT Docomo Ventures and MTG Ventures, on behalf of marketing research firm Intage, mobile network operator NTT Docomo and medical device maker MTG respectively, in addition to SBI Phoenix and Mirai Creation Fund.
The round included Oita Venture Capital, Resona Capital and Yamaguchi Capital, subsidiaries of financial services firms Oita Bank, Resona Bank and Yamaguchi Financial Group, as well as Beyond Next Ventures, Reed Capital Management, Tokimeki Ouen Fund, UTokyo Innovation Platform, Yume Habataki and undisclosed companies and QD Laser directors.
The company had secured an undisclosed amount of funding from Fujitsu and Mitsui shortly after it was founded in 2006, before adding $8m from unnamed new and returning investors four years later.
