BinOptics Corporation, an Ithaca, N.Y.-based manufacturer of lasers and monolithically integrated optoelectronic components, has closed $13.3m in new funding.
Backers include new investors Advantage Capital Partners, Enhanced Capital Partners, Gefinor Ventures, Onondaga Venture Capital Fund, and Rand Capital (NASDAQ: RAND) and existing investors ArrowPath Venture Partners, Cayuga Venture Fund, Draper Fisher Jurvetson, and FA Technology Ventures.
The company intends to use the capital to continue expansion of its product lines and to accelerate development of new products. BinOptics, which currently employs over 50 people, plans to hire additional engineers and technicians in 2012.
In conjunction with the funding, Reid Hutchins, Advantage Capital senior vice president, has joined the company’s board.
Founded in 2000 and led by Chairman and CEO Alex Behfar, BinOptics uses proprietary processes for manufacturing a wide range of FP and DFB lasers as well as lasers with integrated monitoring photodiodes.