Applied Materials returned to back the Boston spinout's series C round, following its participation in a $9.3m series B in March 2015.
US-based ultraviolet (UV) LED technology developer RayVio has closed a $26m series C round featuring semiconductor manufacturing equipment producer Applied Materials, which invested through its corporate venturing arm Applied Ventures.
The round was co-led by venture capital firms Tsing Capital and IPV Capital, while Tolero Ventures, DCM Ventures, Capricorn Investment Group, Augment Ventures and New Ground Ventures also contributed.
RayVio, a spinout of Boston University, has created technology that exploits UV light to disinfect water at the point of use. The technology can also be used to clean surfaces and remove harmful bacteria from air.
The money will go towards manufacturing capacity, increased sales and marketing efforts, applications support and distribution channels. It will also support research and development and help to double RayVio’s workforce.
Alex Banh, partner at IPV, and Don Ye, managing partner at Tsing, will join the company’s board of directors.
RayVio exited stealth mode in March 2015 with $9.3m in series B funding from Applied Ventures, Tolero Ventures, Augment, New Ground, DCM and Capricorn. DCM and Capricorn previously supplied an undisclosed amount of series A funding.
– Correction: This story has been updated to remove the reference to Tolero Pharmaceuticals. Tolero Ventures is in fact unrelated to the pharmaceutical company and not its corporate venturing subsidiary as originally stated..
– The article first appeared on our sister site Global Corporate Venturing.
