Folio Photonics, a Solon, Ohio-based developer of a new standard in optical solutions for data storage, closed an $8m seed funding round.
The round was led by Refinery Ventures, with participation from Pavey Investments and Capital One Partners. As part of today’s announcement, Tim Schigel, managing partner of Refinery Ventures, and Joe Taylor, former chairman and CEO of Panasonic Corp. of North America, have joined Folio Photonics’ Board of Directors.
The company intends to use the funds to further drive partner engagements, beta customer acquisition, product development and general corporate growth.
Founded in 2012 as a spin-off from Case Western Reserve University and its National Science Foundation Center for Layered Polymeric Systems, and led by Steven Santamaria, CEO, Kenneth D. Singer, PhD, founder and chief innovation officer, Folio Photonics is redefining archival data storage with its modern optical solution. Its Data Film Disc™ (DFD) combines high capacity, long life with backwards compatibility and minimal environmental requirements – power and cooling – to create a storage solution for initial acquisition costs and total ownership.