North Ocean Photonics Announces Completion of Nearly $62.7 Million Series B+ Financing

north ocean photonics
(Source: North Ocean Photonics)

North Ocean Photonics, a Chinese photonic technology company, announced on Monday that it has secured nearly 400 million yuan ($62.7 million) in Series B+ financing. Investors in this round are CITIC Zhengye Xinye Industry Fund, YF Capital, Haiwang Capital of Pudong Kechuang Group, CCB Investment Funds Management, Future Capital, Source Code Capital and Winsdom Capital (Country Garden Core Alliance Enterprise). Serving as co-investors are Kinzon Capital, Walden International, Lingang Sc-inovation Invest, Vision Plus Capital, Oriza FoFs and Chenhui Venture Partners.

According to the company, this round of financing will be used to further enhance its wafer-level optical capability and upgrade the closed loop of R&D and mass production system by cooperating with important customers and partners.

North Ocean Photonics, headquartered in Shanghai, is a high-tech enterprise focusing on wafer-level optics and optical integration.

At the same time, the company announced that the phase I of Shanghai Lingang Base has been completed and put into use. With the end of this financing, Phase II has officially entered the substantive planning. It also announced the company’s current main products:

1) Optical chips for 3D sensing have matured into mass production. This series of products has been shipped in the order of over 10 million units of flagship models of first-line smartphones such as Huawei P and Mate. Next, this series will continue to expand new 3D product types such as dToF, short-range radar, etc., and new types such as sweeping robots, door locks, biometrics, etc.

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2) Its micro-nano optical module for vehicle-mounted LiDAR successfully passed the customer mass production certification in the second half of this year, and will be mass-produced and introduced in mainstream models of international first-line new energy vehicles from the first quarter of 2022.

3) Augmented reality (AR) display is an important strategic direction. The company accelerates the expansion of R&D and mass production capabilities of AR diffraction optical waveguides. Its “Xiaoyao” product series has been introduced into small-scale mass production since 2020, and is now steadily increasing in scale. Based on the established R&D plan, the performance and category are iterating at a high speed.

4) In the future, the company will further explore the development direction of new technologies and new demands, and expand the R&D layout in the fields of vehicle HUD, super surface and super lens, optical computing and other areas.