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Given the strong trajectory of our business, we were fortunate to have a number of firms interested in working with us.  After a fair amount of referencing with our existing investors and other entrepreneurs, we chose to work with WTI given their long history as a firm with the patience and risk tolerance for long-term value creation.  WTI understands our business at a fundamental level and has been terrific to work with from first meeting to funding.

Jasper Malcolmson
CEO, Bloomspot

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This is the third company that I have founded, and in each case, I have worked with WTI because of their integrity and flexibility.

Christopher McCleary
Chairman & CEO, Evergreen Assurance

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As a public company, we had many financing options available to us. We were very impressed with how WTI worked with us on the $15 million debt instrument that we announced in conjunction with our recent follow-on offering.

Tim Lynch
CFO, Tercica

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WTI's capital came at a critical juncture for the company as we began our initial product launch. The runway the facility provided gave us additional time to demonstrate our technology, culminating in our acquisition by AOL.

Eric Engstrom
CEO, Wildseed

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WTI committed meaningful capital to Polyserve at a time when our business was nearing an inflection point and we were also outgrowing our incumbent debt source. The additional time allowed us to benefit from the solid progress we were making in the business by raising our final round at a significantly increased valuation. The firm's stability and scalability make them a strong partner for venture backed companies of all sizes.

Michael Stankey
Former CEO & President, PolyServe, Inc. (acquired by Hewlett-Packard Company)

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WTI provided valuable capital to Sierra Logic as our company continued to grow. Their three commitments (totaling $7.8 million) provided the additional runway we needed to get to profitability without having to raise additional equity.

Bob Whitson
CEO, Sierra Logic (acquired by Emulex)

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WTI was a great, dependable partner to Plaxo, from the early days of our build out through our successful sale to Comcast. Through multiple stages of debt financing, we found them to be level-headed, flexible and responsive. Not only was their venture debt model a terrific fit - their people have all the right characteristics for a dynamic industry such as ours.

Ben Golub
CEO, Plaxo (acquired by Comcast)

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This is my second start-up and my second time working with WTI.  WTI certainly provides capital that is helpful in growing a business. But even more so, being able to do business with people you can trust is critical to us.  We work with WTI because of the value of our relationship.

Brent Dusing
Founder & CEO, Hexify

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WTI played an integral role in financing the early development at Ablation Frontiers in conjunction with our Series A equity. They are a great partner.

Keegan Harper
CEO, Ablation Frontiers

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WTI appreciates how businesses change over time. Their flexibility was important to our initial relationship together. As Molecular Imprints has grown, WTI has scaled with us and provided substantial follow-on financing to meet our evolving needs.

Norman E. Schumaker
President and CEO, Molecular Imprints

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WTI's $25 million commitment was a key component of our financing strategy on the runway to an IPO. The strength of the firm's history and reliability of its capital were keys to selecting WTI as our debt partner.

William Moffitt
President and CEO, Nanosphere [NSPH]

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As Skystream entered the critical expansion phase of its growth as a private company, WTI provided us the capital cushion we needed to maximize our market opportunity

Joseph Geesman
CFO and Vice President of Operations, SkyStream Networks (acquired by Tandberg Television)

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WTI has provided funding to more than ten Founders Fund companies. We consider them to be a valuable partner and love working with them.

Luke Nosek
Managing Partner, Founders Fund

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WTI's capital came into IronPort at an important time early in the company's development - we really enjoyed working with the WTI team.

Scott Weiss
CEO, IronPort Systems (acquired by Cisco Systems)

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WTI's growth capital has been an important part of the capital structure, and strategic planning, of several of our portfolio companies.

Beckie Robertson
Partner, Versant Ventures

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WTI's growth capital gave us extra time to assemble the best possible investors in our Series B financing.

Keegan Harper
CEO, Cameron Health (Acquired by Boston Scientific)

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Our long-standing relationship with WTI has given us first-hand experience with how consistent and valuable they are as a partner, especially in challenging macroeconomic times.  WTI has been a strategic source of capital that we have relied on to help grow our business.

Jim Imbler
CEO, ZeaChem

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WTI is a terrific and exceptionally responsive partner. Throughout the relationship I dealt with a decision-maker who provided me quick and candid feedback, which enabled me to maximize the time I devoted to running my business. Given my positive experience with the firm, I highly recommend WTI to any company seeking the highest quality capital partner.

Victor Jablokov
President & COO, Yap

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It can be challenging as a first time CEO to navigate venture waters, and WTI has consistently provided strong support and seasoned guidance at each stage of our growth. WTI has been an excellent partner and integral part of the FanBridge story.

Spencer Richardson
CEO & Co-founder, FanBridge.com

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It was important for Neutral Tandem to choose a reliable financing partner who could scale with us.  WTI provided us with financing early in our development, and has continually been able to meet our funding needs as our business grew.

Rob Junkroski
CFO, Neutral Tandem (NASDAQ: TNDM)

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Over the past 4 years we have worked with WTI on 3 separate lending transactions totaling $15.5 million. They have proven to be strong financial partners and particularly responsive at critical times when we most needed their support.

Michael Maulick
CEO, Platform Solutions

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WTI has been a valuable partner to Youku as we have grown over the years.  They really took the time to understand our business, which was important to us since we are a China-based company.

Victor Koo
CEO, Youku.com (NYSE: YOKU)

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I have worked with WTI in two of my companies, and their capital works as advertised; it is truly usable and provides real value. The WTI team is used to the challenges of operating in a start-up environment, so they have steady hands. I would be pleased to work with them again.

Bernard Harguindeguy
CEO, Atlantis Computing and GreenBorder Technologies

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I have had a positive experience working with WTI at three different companies. WTI consistently delivered as promised and showed considerable flexibility to meet our unique business requirements. After 25-years of working in Silicon Valley, I can attest to the importance of smart money.

Steve Wong
CFO, Rainfinity (acquired by EMC)

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In every company I've started or been a part of, I come across a subset of folks that I know I'll call without hesitation in my next company, and WTI is one of those companies.

Doug Camplejohn
CEO, Mi5 Networks

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During Juniper's earliest days, it was comforting to know we were working with a debt partner of the same caliber and mindset as our VC investors.

Scott Kriens
President & CEO, Juniper Networks (NASDAQ: JNPR)

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WTI provided $11 million to WWP at a critical inflection point for the company. We had a new product we were bringing to market which became the foundation of our successful acquisition by Ciena. The debt capital and support from our existing investors allowed us more time to win large carrier contracts and improve our position with potential acquirers.

Matt Frey
COO, World Wide Packets (acquired by Ciena)

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WTI made a commitment to Brocade when the company was still unproven; their capital had a meaningful impact on growing the business.

Bruce Bergman
Former CEO, Brocade Communications (NASDAQ: BRCD)

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We chose WTI over other lenders because they had great local references in the New York City metro area and are well known for their ability to scale with companies over time.  We always dealt with a highly responsive decision maker from first engagement through funding, and would highly recommend them to any of our business partners.

Gauthereau Guillaume
CEO, Totsy

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WTI played a pivotal role in working with our team and investors. Without their assistance, we would not be the successful, publicly traded company we are today.

William (B.J.) Lehmann
President and COO, Athersys (NASDAQ: ATHX)

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We chose to work with WTI rather than a bank because their deal structure was more flexible and it really allowed us to use the money.

Vivek Ragavan
CEO, Atrica

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Home > News > Press Releases > Daylight Solutions Closes $15M Series C Equity Financing

Press Releases

Daylight Solutions Closes $15M Series C Equity Financing



Jul 11, 2011 - Northrop Grumman leads strategic financing round focused on expanding Daylight's core QCL technology and manufacturing infrastructure for defense and commercial applications

San Diego, CA (July 11, 2011) - Daylight Solutions, Inc. today announced the closing of a $15M Series C equity financing with Northrop Grumman Corporation (NYSE: NOC) as the lead investor, together with several of the company's existing investors.

The Series C financing will enable the company to continue its high rate of growth, while further maturing and advancing its technology, and expanding its product offering and manufacturing infrastructure. Manufacturing capacity, quality processes, reliability, and field support will be significantly enhanced as a result of the financing transaction.

Daylight Solutions has developed a wide range of products for scientific research, defense, and commercial markets based on its Quantum Cascade Laser (QCL) technology. The company's QCL-based products are ideally suited for addressing molecular detection and imaging applications that benefit from Mid Wave Infrared (MWIR) and Long Wave Infrared (LWIR) illumination. One example is the company's JammIR family of laser products for Infrared Countermeasures (IRCM). Multiple configurations and capabilities of the JammIR product line have been successfully tested under environmentally demanding conditions for military rotary and fixed wing applications, and have undergone multiple flight tests. The JammIRTM product family has been verified as a highly effective infrared countermeasure against a variety of missile threats. The company remains the world leader in QCL-based products with several hundred commercial laser systems already manufactured and delivered into a wide range of markets.

"We are pleased to receive this additional endorsement of our technology and capability from a market leader such as Northrop Grumman," said company Chairman and CEO Dr. Timothy Day. "The Series C financing will allow us to serve all of our customers with a family of QCL-based products based on a modular, open source, core technology platform meeting the requirements of the most demanding environments in defense as well as commercial markets. Our manufacturing infrastructure, capacity and reliability programs will be expanded as a result of the financing transaction."

"Our investment in Daylight Solutions serves as an acknowledgement of their leadership position in QCL-based products, and reflects our commitment to deliver best-in-class solutions to our customers in support of our warfighters," commented Mr. Jeff Palombo, Sector Vice President and General Manager of Northrop Grumman's Land and Self Protection System Division.

Daylight Solutions and its wholly owned subsidiary Daylight Defense, LLC, have leveraged their core technology in QCL modules to create multiple versions of its JammIR line of products. The company’s modular approach allows for high flexibility, reducing the cycle-time from design to deployment, while providing significant improvements in reliability and lifetime over existing technologies.

About Daylight Solutions

Daylight Solutions develops molecular detection and imaging systems for use in industrial process controls, scientific research, medical diagnostics, environmental monitoring, and defense applications. The company is the world leader in high power, multi-wavelength lasers in the mid-infrared, and offers a line of broadly tunable and fixed wavelength laser sources. The company also develops miniature sensors based on mid-infrared spectroscopy.

About Daylight Defense

Daylight Defense manufactures high power mid-infrared laser based systems for defense and homeland security applications. The company provides mid-wave (MWIR) and long-wave (LWIR) thermal laser pointers, sensors for stand-off detection of explosives and chemical agents, and high power illuminators for infrared countermeasures, thermal imaging and aiming. Daylight Defense is the world leader in military systems based on quantum cascade laser (QCL) technology.

About Northrop Grumman

Northrop Grumman is a leading global security company providing innovative systems, products and solutions in aerospace, electronics, information systems, and technical services to government and commercial customers worldwide. Please visit www.northropgrumman.com for more information.

The statements contained in this news release are not purely historical and contain forward looking information and statements. These include statements regarding the Company's expectations, intentions, or strategies regarding future matters. All forward-looking statements included in this press release are based on information available to the Company on the date released.

Contact: Michelle Molina
Daylight Solutions, Inc
858.432.7511
mmolina@daylightsolutions.com

Contact: Ellen Hamilton
Northrop Grumman Corporation
224.625.4693
Ellen.hamilton@ngc.com