RayVio reports that the company has emerged from stealth mode and raised
$9.3 million in Series B funding. New investors include Tolero Ventures, New
Ground Ventures, Applied Ventures and Augment Ventures. Existing investors
Capricorn Investment Group and DCM Ventures also contributed to the funding
round. RayVio plans to use the funding to accelerate the company’s strategy to
bring UV LED products to market and grow its team. RayVio intends to target
commercial, industrial, and consumer sectors.
According to RayVio, LEDs for UV applications have been limited to niche
markets because of low performance, high cost, and compromised reliability.
RayVio’s employs novel, patent-protected materials and technology,
originally developed at Boston University by co-founders Dr. Yitao Liao and
Prof. Theodore Moustakas.
“RayVio’s patented technology is poised to disrupt the
entire UV market by creating products that truly impact how we live –
from purifying drinking water, to treating major illnesses, to instantly
disinfecting surfaces any time, any where,” said Dr. Robert C.
Walker, CEO of RayVio. “This oversubscribed round is a great
validation of our break through technology and it will enable us to
significantly expand our team and reach critical markets
globally.”
The company asserts that its solutions provides up to 10 times the
performance increase over existing products using a fundamentally new and
different approach. The technology enables a host of consumer applications
previously limited by cost and performance such as air and water disinfection,
displays, medical treatment devices, and industrial curing.
“UV LED light sources will significantly affect the use of UV
disinfection technology by enabling a myriad of affordable, point-of-use
disinfection applications, thus improving public health better than
before,“ said Dr. Andreas Kolch, Managing Director and Partner,
Hytecon GmbH, and former President of the International Ultraviolet Association
(IUVA)
“RayVio’s technology is coming to market at a critical
time,” said Pete Moran, general partner, DCM Ventures.
“Access to clean water and the growing prevalence of infectious
disease are creating a greater need for solutions that are portable, cost
effective and address these problems. RayVio has hit the sweet spot of this
formula with products that are now proven, and with the partners and customers
that can scale globally.”
RayVio, its partners and customers, plans to release a series of product
announcements later this year.
