(PRWEB) April 11, 2013
RedShift Systems Corp., a leader in infrared tunable filter technology, announced today that it has closed a $3 million Series B round of venture capital funding. The financing was led by venture capital firm Technology Venture Partners, LLC, with participation from other investors.
RedShift will use the funding to deliver its next-generation of tunable filters and lasers for both existing and emerging infrared spectroscopy markets. As a proven, revolutionary technology, infrared lasers provide significantly enhanced spectral resolution, sensitivity and power relative to conventional infrared sources. The lasers are increasingly replacing conventional FTIR-based solutions in a broad range of security, industrial, environmental and health applications. RedShift’s solid state tunable laser technology provides even greater cost and performance advantages to the infrared laser, further expanding the addressable markets and applications.
The company also announced the expansion of its Board of Directors in conjunction with the financing. Donald E. Bossi, Chief Operating Officer of CiDRA Corporation and William J. Cadogan, Chairman of Mutual Capital Partners, will join Bryson D. Hollimon, Managing General Partner of Technology Venture Partners, on the Company’s Board of Directors. Mr. Bossi brings decades of technology industry experience that includes roles as Chief Executive Officer at Inlet Technologies, Inc. and Aegis Lightwave, Inc. In addition, Mr. Bossi was also President of the Optical Components and Transmissions group during his tenure at JDS Uniphase. Mr. Cadogan was previously Chairman and Chief Executive Officer of ADC Telecommunications, Inc., where he grew that technology and telecommunications company from $300 million in revenues to over $3 billion revenues during his decade as chief executive officer. Prior to becoming Chairman of Mutual Capital, Mr. Cadogan was a General Partner at St. Paul Venture Capital. The addition of Messrs. Bossi and Cadogan, combined with Mr. Hollimon’s years of venture capital, strategic merger and acquisition, and private equity experience working with technology companies, provides RedShift with a strong and experienced group of technology and investment professionals on its Board.
“RedShift’s ability to provide distinct technical advantages in a cost-effective solution will allow the Company to move forward with disruptive products in the infrared spectroscopy market that are ideally suited for strategic partners and OEM customers,” said Bryson D. Hollimon, Managing General Partner of Technology Venture Partners. “We are delighted to close this follow-on round of funding from our investor group in support of the next phase of Redshift’s growth going forward," said Chip Marshall, Chief Executive Officer of RedShift. "This funding, together with our expanded Board of Directors, will allow us to effectively link our new product introductions with the expansion of our core markets."
About RedShift Systems Corp.
RedShift Systems provides innovative infrared products using its core technology of micro-optical tunable infrared filters. RedShift’s TopTIR™ optical filters are solid state devices with no moving parts, enabling compact and reliable tunable components and systems. RedShift is now entering the molecular spectroscopy market with a family of tunable infrared lasers that offer revolutionary improvements in performance over conventional FTIR based solutions. For more information, visit http://www.redshiftsystems.com.
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