Redfern Photonics gets $54m boost

Redfern Photonics gets $54m boost

A syndicate of international investors has lined the coffers of local optical telecommunications group, Redfern Photonics, to the tune of A$54 million.

Investors include DB Capital Partners, GE Equity, Citicorp Equity Captial, Ericsson Deutsche Technology Fund, the Australasian Technology Fund and Temasek Capital.

The funding, which is the second major external investment funding that the group has received, will be used to boost the company's principal activity of investment and commercialisation of technology opportunities in the photonics sector.

Investments in the six subsiduary companies under RedFern Photonics should see staff numbers grow from 200 to 300 over the next twelve months.

CEO of Redfern Photonics, Chris Howells, said that the investment was of particular significance in the current economic climate.

"While our group is not a conventional investment opportunity, our new investors clearly share our vision in "building businesses" and the excellent returns this strategy offers. We see this investment as another important step for our growth and international credibility, particularly given the exhaustive due diligence processes and the recent volatile equity markets," he said.

Howells also said that the extra dollars would enable the company to accelerate the commercialisation of its optical components subsidiary, Redfern Optical Components, as well helping them take advantage of a number of other opportunities.

However, the company's subsidiary and investee companies seem to be doing a their fair share of fundraising as well, as they have raised A$150 million themselves over the past 15 months, according to Howells.

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