Innovation & Job News

Arbor Photonics lands $3 million investment, plans to create 136 jobs

Wednesday, November 05, 2008

Ann Arbor

Arbor Photonics is making the most of its $3 million infusion, laying out plans to create 136 new jobs within the next few years.

The Ann Arbor-based firm recently received $1.5 million from Michigan's 21st Century Jobs Fund. That money will complement another $1.5 million from private investors.

The 136 new jobs will be quite the jump in employment for the University of Michigan spin-off. As of today only two people work at the start-up. U-M Prof. Almantas Galvanauskas invented a new way to dramatically improve fiber lasers. Arbor Photonics was created last year to commercialize this technology.

The technology is an optical fiber structure called Chirally-Coupled Core Fiber or 3C fiber. The 3C fiber significantly improves the performance of fiber lasers in industrial manufacturing, a $2 billion market that grows about 14 percent annually on average.

"We're developing some very advanced technology," says Phillip Amaya, CEO of Arbor Photonics.

About $400,000 in venture capital was invested in the Arbor Photonics last fall. That money allowed the company to hire Amaya and director of business development and recruit other key personnel.

"I'm interviewing engineering applicants for several positions," Amaya says. "I hope to make the first hire before the end of the year."

The plan is to make the product available by 2010 and to hit $50 million in sales within the next six years. The company hopes to expand its employee base to 136 by 2014. But for now Arbor Photonics plans to invest the $3 million it just received into further product development over the next year.

Source: Phillip Amaya, CEO of Arbor Photonics
Writer: Jon Zemke

Innovation & Job News

Arbor Photonics lands $3 million investment, plans to create 136 jobs

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