04/08/2011

PixelOptics Closes $45 Million Financing

ROANOKE, Va. -- PixelOptics announced the closing of a $45 million financing led by Safeguard Scientifics, Inc. (NYSE: SFE). The financing is comprised of $35 million equity investment and $10 million venture debt. Participating venture capital organizations include Safeguard Scientifics, Delphi Ventures, The Carlyle Group, Longitude Capital, and Stark Investments. Horizon Technology Finance (Nasdaq: HRZN) provided the venture debt funding.

PixelOptics launched its core product, emPower electronic focusing eyeglasses, last month at International Vision Expo in New York City.

Ron Blum, O.D., Pixel's president and CEO said the new financing will "...allow us to grow Pixel properly as well as provide the company with the needed capital to support an ambitious launch for emPower. We anticipate launching emPower across North America and beginning a regional rollout in Europe within the next 12 months. Following this, we expect to start selling emPower in Asia within 24 months."