Industrifonden is investing slightly over SEK 50 million in poLight AS, a Norwegian company that is developing a new type of autofocus lens for smartphones, among other devices. The company’s previous owners – Investinor, Viking Venture and Alliance Venture – are also participating in a private placement of shares totaling slightly over SEK 150 million. The money will be used to bring poLight’s lenses to market.
poLight has developed and patented a new type of tiny autofocus lens, Tunable Optical Lens, for smartphones, tablets, wearables and other equipment with small cameras. It offers significantly better performance than the current technology with a much faster and ultra-low power autofocus function.
“poLight addresses a very large and expansive market with attractive products that clearly benefit customers,” says Dan Ekelund, Investment Manager at Industrifonden.
poLight’s products have been developed in collaboration with several potential customers. The company is now planning to start high-volume production in cooperation with Europe’s largest semiconductor manufacturer, French-Italian ST Microelectronics, during the second half of 2015. The market for this type of autofocus lens is growing quickly and expected to surpass US$ 2 billion in 2017.
“We are well on our way to commercializing our unique technology and have as our goal to take a leading position in the growing market for autofocus lenses for smartphone cameras,” says Øyvind Isaksen, CEO of poLight. “Adding an owner like Industrifonden, with its strong capital resources and experience, will make it possible for us to further strengthen our position.”