Toronto-based POET Technologies, a developer of chip-scale photonics solutions, has raised $75 million in new funding, its largest investment to date, to expand its overall business operations.
According to the company, the funding round involved the issuance of 13.6 million common shares and detachable warrants, priced at $5.50 per unit, which are immediately exercisable and remain valid until Oct. 7, 2030, allowing investors to benefit from future upside while providing POET with immediate funding.
“With a war chest of over $150 million in cash and no significant debt, we are now able to scale up our own growth ambitions in the market for advanced AI hardware solutions. This includes investments and targeted acquisitions to secure our technological lead and revenue-generating opportunities in light sources for chip-to-chip connectivity, ultra-high-speed transceivers and related applications. We will continue to drive innovation, expand operations and pursue revenue in key target markets, bringing long-term value to shareholders,” POET’s Suresh Venkatesan said in a statement.
