Algolux has secured $2.6 million in Series A financing. Real Ventures led the round with participation from a consortium of unnamed angel investors. Based in Montreal, Algolux specializes in computational optics.
(Montreal, QC) – Algolux, a company specializing in computational optics, today announced the close of a $2.6M Series A financing led by Real Ventures, with participation from a consortium of angel investors. This latest round of funding will enable the Montreal-based company to commercialize its deblurring software while continuing to build out its IP portfolio.
The company’s technology enables cameras to capture crystal clear images with existing lenses. Furthermore, it allows camera manufacturers to produce thinner and lighter camera modules, at lower manufacturing costs. While the technology can be implemented in all camera types, including video surveillance, in-vehicle cameras, medical imaging and the burgeoning wearables market, Algolux is focusing its efforts on smartphones and tablets at this time.
“We are thrilled to have secured funding from such an insightful and collaborative investment group,” said Allan Benchetrit, President & CEO of Algolux. “Our vision is to provide an essential deblurring engine for mobile optics. The capital will allow us to work towards our primary goal of licensing Algolux technology to our partners so that they can immediately offer higher quality images to their customers. In addition, they will be able to lower the manufacturing costs of their cameras and reduce device thickness.”
Algolux has showcased its imaging technology to the world’s leading smartphone manufacturers and will be using the fresh influx of capital to foster these partnerships and integrate its technology in a range of devices. As part of the financing, Alan MacIntosh, Partner at Real Ventures will also be joining the company’s board of directors, as will Helge Seetzen, CEO of TandemLaunch and Sylvain Desjardins, co-President of VoiceAge.
“The company has made great progress since its inception at TandemLaunch,” said MacIntosh. “We are very excited to be working with such a passionate team, whose application of computational optics is a powerful reminder of how hardware challenges can often be overcome with software solutions.”
Algolux has grown from 5 to 15 employees this year. With experts from around the world joining its ranks in Montreal, the company is committed to the continued growth of the city’s tech ecosystem.
About Algolux (www.algolux.com)
Based in Montreal, Algolux develops state-of-the-art imaging software based on patented intellectual property. We leverage the rising computational power available in today’s devices to overcome the physics of optics. Our computational imaging technology makes for higher-quality images, thinner cameras, as well as simpler and easier to manufacture optics. Our technology applies to every digital camera, including smartphones, tablets, SLRs, security cameras and medical devices.
About Real Ventures (www.realventures.com)
Real Ventures invests in ambitious entrepreneurs that are creating the Internet experiences of the future or embracing the power of the Internet to disrupt existing industries or business models. Investing pre-traction, its team and networks support entrepreneurs and propel their companies forward. The best entrepreneurs do their homework on prospective VCs and the best Canadian entrepreneurs want to be backed by Real Ventures.