Source Photonics has announced that it recently closed more than $40M in equity to support its growing data center and 5G business, and to enhance its existing low-cost as well as advanced solutions.
The new investment amidst the COVID-19 pandemic reflects the investors’ confidence in the company’s long-term vision and business strategy. The latest funding will be used to further expand the company’s 5G product line and upgrade its own laser chip production facilities while continuing to strengthen the research and development of its low-cost solutions and next-generation technologies.
“We value our investors’ trust and confidence in Source Photonics especially during these challenging times of global health and economic crisis,” says Weiming Li, CEO and President of Source Photonics. “Their enthusiasm and confidence in us prove that our team is on the right track as we focus on responding rapidly to our customers’ needs and developing advanced technologies to cope with the increasing demand for bandwidth. Our next step is to seize the global market opportunity as demand for networking and cloud services skyrocketed as millions of people around the world are working and learning from home.”
While most businesses worldwide are put to halt during this time of pandemic, Source Photonics’ factory in Chengdu, China, has been operational since early February. The company’s proactive response to opening its production earlier than most companies in the region proved its commitment to supply chain continuity as its products are deemed essential to internet and telecommunications systems. In addition, its factories in Jintan, Mainland China, and in Hsinchu, Taiwan, are also up and running.
Source Photonics’ integrated manufacturing approach is critical in managing the entire value chain from laser production through transceiver assembly. This gives Source Photonics a differentiated capability that allows flexibility during this time of COVID-19 pandemic. With the latest funding, the company is well-positioned to enhance speed to market, yield manufacturing innovations, and offer flexibility our customers need to address the increase in demand for more bandwidth.