Zecotek Photonics Inc. closed a divisional equity financing of C$2 million by selling a 2% equity interest in its wholly owned subsidiary Zecotek Imaging Systems Pte. Ltd.
The company said the proceeds from the financing will fund the ongoing manufacturing of a new generation series of solid-state micro-pixel avalanche photodiodes and transistors, or MAPD/T.
The photonics technology company secured the financing from an undisclosed Chinese industrial business group.
Canada-based Zecotek Photonics said the financing was based on an appraised pre-commercialized value of Zecotek Imaging Systems of about C$100 million.
"Medical imaging, high energy physics and other industrial applications, such as agriculture, genomics and LIDAR for autonomous cars, recognize the significant performance advantages of our MAPD/T," Zecotek Photonics Chairman, President and CEO A.F. Zerrouk said in a statement.