SAN MATEO, Calif., July 31, 2018 /PRNewswire/ -- Phoenix Venture Partners LLC (PVP) announced that the acquisition of one of its portfolio companies, Vixar Inc., by OSRAM was completed on July 2, 2018. Located in Plymouth, MN, Vixar Inc. was founded by Vertical Cavity Surface Emitting Laser (VCSEL) industry pioneers Dr. Mary Hibbs-Brenner and Dr. Klein Johnson who first brought VCSELs to the data communication market in the late 1990s and then founded Vixar Inc. in 2005 to develop VCSEL chips and packaging for a plethora of standard and customized sensing applications. With strong adoption in leading-edge applications at industry bellwether customers, Vixar's revenues have been growing rapidly over the past few years and the company has been profitable both on an operating and net earnings basis. Vixar will leverage OSRAM's resources as an industry leader to take its business to the next level and expand its offering of high performance VCSELs. Approximately 20 employees of Vixar will join OSRAM as a result of the acquisition.
"PVP was an ideal partner because we believed in their strategic partnership based investment approach. John Chen's and Frank Levinson's strong entrepreneurial business and technical experience were essential in transitioning Vixar from a development stage company to a business focused on product sales. While encouraging us to accelerate commercialization, John and Frank also provided sound guidance and patient support during the inevitable challenges a start-up faces. Avinash Kant's experience and connections as a Wall Street analyst were extremely valuable in developing and executing a successful exit plan," said Dr. Mary Hibbs-Brenner, CEO and Co-Founder of Vixar.
Commenting on Vixar's exit Dr. John T. Chen, Managing General Partner of PVP and a Board member of Vixar said, "We invested in Vixar because we believed in their business model and saw the potential of their VCSEL technology to enable entirely new markets. Mary and the team did an outstanding job executing and growing Vixar into an industry leading VCSEL company. We see the successful exit of Vixar, which has resulted in a significant return on investment for the investors of our first fund, to be a strong validation of PVP's investment strategy."
About Vixar Inc.
Vixar Inc., based in Plymouth, MN, is a high volume supplier of Vertical Cavity Surface Emitting Laser (VCSEL) devices and subassemblies in the red and near IR. The company was founded in 2005 by a team with two decades of experience in developing and bringing VCSEL products to market. The company has a portfolio of standard chips and packaging, as well as the ability to customize products by wavelength, die configuration or alternative packaging.
OSRAM, based in Munich, is a leading global high-tech company with a history dating back more than 110 years. Primarily focused on semiconductor-based technologies, their products are used in highly diverse applications ranging from virtual reality to autonomous driving and from smart phones to smart and connected lighting solutions in buildings and cities. OSRAM uses the endless possibilities of light to improve the quality of life for individuals and communities. OSRAM's innovations enable people all over the world not only to see better, but also to communicate, travel, work and live better. OSRAM has approximately 26,400 employees worldwide as of end of fiscal 2017 (September 30) and generated revenue of more than €4.1 billion. The company is listed on the stock exchanges in Frankfurt and Munich (ISIN: DE000LED4000; WKN: LED400; trading symbol: OSR). Additional information can be found at www.osram.com.
About Phoenix Venture Partners LLC
Phoenix Venture Partners LLC is a leading venture capital firm that invests in and partners with entrepreneurs to commercialize breakthrough Advanced Materials and Device innovations. PVP's team has an unparalleled track record of founding, building and investing in successful Advanced Materials based start-ups across multiple industrial application areas and currently manages a portfolio of 13 companies across two funds. The firm's investment strategy is flexible and predicated on assisting entrepreneurs with customer and supply chain partnerships, business development, as well as with strategic and operational support. PVP collaborates closely with a select number of forward-looking global corporations on business development and open innovation interests. PVP is based in the Silicon Valley with a satellite office in Seattle, WA. For additional information please visit our website at www.phoenix-vp.com.