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LensVector gets the future in focus with 50 million financing

Start-up LensVector has brought the total financial backing of the company to more than $50M, to further develop its technology that can shape, steer and focus light without mechanical movement. "LensVector AutoFocus" is the world's smallest autofocus device that uses a patented technology to transform a simple liquid crystal cell into a variable focus lens. Because the solid-state autofocus element has no moving parts, it is more rugged and reliable than mechanical alternatives. It can provide change of focus from infinity to 10 centimeters...

PRESS SUMMARY

More on the LwensVector breakthrough Autofocus TechnologyInstitutional Venture Partners Leads Growth Investment in Company That Replaces Moving Parts of Camera Phones with Solid-State Optics

LensVectorâ„¢, Inc., the leader in solid-state optical components for camera phones, laptops and other consumer electronics, today announced it has closed $30 million in a Series C financing round, bringing the total financial backing of the company to more than $50 million. Institutional Venture Partners (IVP) led the new funding and joins existing investors Menlo Ventures, Samsung, Silicon Valley Bank, Mitsui and Kodak. LensVector will use proceeds from the financing to expand operations.

As part of the funding, Norm Fogelsong, General Partner of IVP, has joined the LensVector Board of Directors. ''We were attracted to LensVector because of its proprietary autofocus technology and the large camera phone market opportunity,'' said Fogelsong. ''The LensVector management team is also top-notch, with decades of experience in this industry.''

LensVector has developed breakthrough optical technology that can shape, steer and focus light without mechanical movement. The company's technology addresses the need for autofocus and other advanced optical features in the large and rapidly growing market for miniature cameras embedded in mobile phones, laptops, pocket video camcorders and other consumer electronics. Sampling today with key customers, LensVector technology replaces the complex, bulky and often fragile mechanical autofocus mechanisms currently found in camera phones with a simple and easy-to-integrate solid-state component.

''LensVector is receiving tremendous response from handset customers that want small, energy-efficient, rugged autofocus solutions that can easily be integrated into their devices and mass manufactured at a competitive cost. Consumer demand for better picture quality, plus high-value applications like bar-code scanning and video, are key demand drivers,'' said LensVector CEO Derek Proudian. ''This financing will allow us to scale our manufacturing capacity and better serve this growing demand from our customers.''

Additional information: More on the LwensVector breakthrough Autofocus Technology
February 7, 2010
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