Arasor International Ltd. has acquired Novalux Inc., a Sunnyvale, Calif.-based maker of a vertical external cavity-surface emitting laser technology. The deal is valued at just $7 million in Arasor stock, plus the assumption of $13 million in debt.
Novalux had raised nearly $200 million in VC funding since 1998, including a $108 million Series C round in 2000 at a $509 million post-money valuation. A bridge loan in the middle of last year valued Novalux at around $28 million. Company backers at the time of sale included Crescendo Ventures, DynaFund, Morgan Stanley Venture Partners, Tredegar Investments and Unaxis.
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