Subjects: FNC, PDT, VEN
Myrias Optics, Founded by UMass Amherst Faculty Member, Secures $3 Million Seed Investment Round to Deploy New Class of Optics
AMHERST, Mass., Dec. 13, 2023 /PRNewswire/ -- Myrias Optics, built on research developed by the Watkins Group at the University of Massachusetts Amherst, announced today that it has secured a $3 million seed investment led by Asia Optical Inc. Myrias, an emerging developer of all-inorganic printed meta-optics, will use the funding to meet growing customer demand and interest in the company's structure, materials and process technology platform. This investment round also includes participation from UMass Amherst, Tenon Ventures and HOSS Investment Inc.
Myrias Optics enables the next generation of meta-optics for augmented reality/virtual reality, consumer electronics, machine vision, advanced robotics, automotive light detection and ranging, defense and aerospace. The company, founded by UMass faculty member James Watkins, plans to manufacture optics in Western Massachusetts and hire a substantial workforce.
"We are very excited to already have multiple Tier 1 customers engaging in AR/VR and consumer electronics applications where Myrias IP and expertise provide unrivaled cost, performance and lifetime advantages over existing etched or printed polymer-based processes," said Myrias CEO Patrick Tan. "We are particularly excited to work with Asia Optical to develop and deploy a new class of optics that enables products that are compact, lighter and easier to assemble at significantly lower costs."
Development and adoption of the optical technologies developed by the Watkins Group is poised to accelerate substantially in Massachusetts thanks to a $5 million award from the Massachusetts Technology Collaborative. The grant will enable UMass Amherst to establish an open-access Advanced Optics Fabrication and Characterization Facility, a unique resource available to industry partners and researchers across the state.
Founded in 2021 by Professor James Watkins, Myrias Optics has secured exclusive worldwide license to six foundational patents using nano-particle formulations.
Asia Optical (TSE: 3019) is engaged in the production and sales of optical lenses and optoelectronic products.
Founded in 1863, UMass Amherst is the flagship campus of the University of Massachusetts system and New England's leading public research university. Tenon Ventures Tenon is a new Venture Capital firm formed by serial entrepreneurs and advisors to help craft the next generation of deep-tech ideas into successful companies. HOSS Investment HOSS Investment is a Taiwan investment firm focused on companies in advanced manufacturing and new deep-tech technologies.
SOURCE Myrias Optics, Inc.
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