Auckland based Coherent Solutions — which claims to make the world’s highest performing test and measurement instruments for optical communications — has raised $3 million in an A-Series investment round led by the Punakaiki Fund and supported by K1W1, NZVIF and Auckland University’s Inventors Fund.
According to CEO Andy Stevens, the company’s instruments are used in many research labs across the globe by scientists and engineers developing the next generation of telecommunications technologies.
“In 2018 Coherent Solutions will launch a series of new products with two new strategic partners, opening new markets and creating opportunities for significant revenue growth,” he said. “The funding will be used to accelerate the development of products for these partnerships and to increase sales capacity.”
He added: “We now have several very large customer-driven opportunities where we needed external funding to drive forward. We are focused on driving rapid growth over the next three years, and that means new products, new partnerships and a much larger team.”
The funding round, the company’s first followed five years of strong organic growth, according to Stevens. He said the company’s name already had a strong reputation in high-end research labs and would start to s appear in production lines for fibre optic communication systems, modules, and components.
As a result of the fund-raising co-founder and VP of engineering, Iannick Monfils, and Lance Wiggs from Punakaiki Fund will join the board and the company says it intends to add an additional two independent directors over the next few months.
Wiggs said Coherent Solutions had the potential to be the fund’s largest cash investment.
“We see that with global demand for data and bandwidth ever increasing the demand for testing equipment to run ever more sophisticated optical communication networks will also increase. Coherent Solutions has impressed us by their ability to gain a foothold into this global market, which is dominated by large, multinational instrumentation companies.”