PETALUMA, Calif.  Raydiance,  the world’s first practical source of ultrafast light, announced today that it has secured $20 million in new funding that will allow the Company to scale its infrastructure, further evolve its technology and enhance its ability to address larger commercial markets. Raydiance, led by former CEO of AOL Barry Schuler, also announced the launch of the new Raydiance Discovery 2.0 system, which delivers double the pulse energy of its first-generation ultrashort pulse (USP), or “ultrafast,” laser platform.

Over the past two years, Raydiance customers have been developing next-generation applications in ophthalmology, dermatology, gene transfection, surgery, and homeland security and defense. The introduction of Raydiance Discovery 2.0 significantly expands Raydiance’s market opportunities, most notably in the machining of advanced vascular stents and thin film solar cell production. Early next year, several new products powered by Raydiance that have the potential to disrupt these and other industries are expected to begin entering the marketplace.

“Greenstreet Partners invests in companies like Raydiance that are not only leaders in their industry, but also have the potential to revolutionize the way we live,” said Ambassador Steven Green, Founding Partner of Greenstreet Partners. “Raydiance has clearly made great strides in harnessing the transformative power of ultrafast light, and we are confident this company has the vision, leadership and the cutting-edge technology necessary to help solve some of the most pressing global challenges of our time.”

Previously, Raydiance secured over $25 million in venture capital financing and $10 million in government funded R&D contracts, which enabled the launch of its first commercial product in 2007. Raydiance has reserved an additional $5 million to raise from a strategic investor.

Raydiance Discovery 2.0 System Delivers Twice the Energy, Shorter Pulse, Enhanced Applications Software Capabilities

By integrating photonics, computing, and telecommunications fiber optic technologies into an intelligent programming architecture, Raydiance makes the power and precision of ultrafast lasers affordable and practical for the development of new, revolutionary applications.

The new Raydiance Discovery 2.0 system introduces vastly improved performance metrics, including higher pulse energy and a shorter pulse that, together, result in dramatically increased peak power (10 Megawatts). Discovery 2.0 retains the same compact, reliable and easy-to-use software controls as its predecessor, while offering new, extensive software capabilities that allow for seamless systems integration into any commercial environment, whether a physician’s office or manufacturing floor. The system’s state of the art design also makes it capable of remote updates, system diagnostics and service. As reliable as a PC, the Raydiance Discovery 2.0 can be installed in 30 minutes in any room with a standard electrical outlet.

About Raydiance

Raydiance is the world’s first practical source of ultrafast light, a breakthrough technology platform that harnesses the incredible power and precision of ultrashort pulse (USP), or “ultrafast,” lasers and makes it easily accessible for the development of revolutionary new applications across a broad range of industries. Built on an architectural framework that leverages the billions invested in broadband communications, microelectronics and software development, the Raydiance Discovery system delivers a compact, reliable and intelligent programming architecture with state of the art computing and software controls. Raydiance is led by Barry Schuler, former CEO of AOL. For more information, please visit www.raydiance-inc.com