Adaps Photonics Valuation, Funding & Investors

Adaps Photonics is valued at $585M as of February 2023.

Last Adaps Photonics valuation

$585M

Series C · Feb 2023

Last Adaps Photonics funding round

$14M

Series C · Sep 2025

Cumulative funding Adaps Photonics raised

$29M

across 3 funding rounds

Key investors in Adaps Photonics

  • Legend Star
  • Co-Stone Venture Capital
  • CPE
  • Kinzon Capital
  • Legend Hldgs
  • Zhejiang Provincial Financial Holdings

Adaps Photonics Overview

About Adaps Photonics

Adaps Photonics is a Shenzhen-based developer of photonic integrated circuits founded in 2018. It employs over 80 professionals across facilities in Nanshan and Shanghai's Zhangjiang. The company won first place in the 2019 Shenzhen Peacock Team competition for electronic information innovations via adapsphotonics.com.


Founded

2018

HQ

ChinaShenzhen

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Valuation

$585M (Feb 2023)

Adaps Photonics Valuation

Adaps Photonics is currently valued at $585M, based on its Series C in February 2023.

The $15M round was led by Co-Stone Venture Capital, with participation from Guyu Golden Harvest Capital.

Adaps Photonics valuation by funding round

Adaps Photonics valuation by funding round
DateStageValuation
Feb 2023Series C$585M

Adaps Photonics Funding History

Adaps Photonics has raised a total of $29M across 3 funding rounds.

Adaps Photonics' first fundraising round was a $400K angel round in December 2018. The most recent completed round was a $14M Series C in September 2025.

Adaps Photonics funding rounds

Adaps Photonics funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Sep 2025Series CZhejiang Provincial Financial Holdings (lead)$14M--
Feb 2023Series CCo-Stone Venture Capital (lead); Guyu Golden Harvest Capital$15M$585MAdaps Photonics is a developer of SPAD-based dToF (direct time-of-flight) sensor chips and system solutions. The company received funding in early 2023 to advance its technological capabilities in the dToF field and expand product commercialization.
Dec 2018AngelCPE; Kinzon Capital; Legend Hldgs; Legend Star$400K--

Who has invested in Adaps Photonics?

7 investors have backed Adaps Photonics across its funding rounds, including Legend Star, Co-Stone Venture Capital, CPE, Kinzon Capital, Legend Hldgs and Zhejiang Provincial Financial Holdings.

Lead investors include Zhejiang Provincial Financial Holdings and Co-Stone Venture Capital.


Adaps Photonics Investors

Investors in Adaps Photonics by funding rounds participated
InvestorHQRoundsRoleFirst check
CPEChinaBeijing1ParticipantDec 2018
Guyu Golden Harvest CapitalChinaChina1ParticipantFeb 2023
Kinzon CapitalChinaBeijing1ParticipantDec 2018
Legend HldgsChinaBeijing1ParticipantDec 2018
Co-Stone Venture CapitalChinaShenzhen1LeadFeb 2023

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Adaps Photonics Competitors

Adaps Photonics competitors include listed companies like M31 Technology, Solid Power, Shenzhen Deren Electronic and Foxlink Group, and private ones like Paragraf and Beiyi Semiconductor.

Public and private companies comparable to Adaps Photonics
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
M31 TechnologyTaiwanTaiwanPublicly listed$56M$5M$586M9.5x
Solid PowerUnited StatesUnited StatesPublicly listed$18M($87M)$581M38.3x
Shenzhen Deren ElectronicChinaChinaPublicly listed$672M$46M$592M-
Foxlink GroupTaiwanTaiwanPublicly listed$3B($364M)$612M-
ParagrafUnited KingdomCambridgePrivate--$430M-
Beiyi SemiconductorChinaShenzhenPrivate--$363M-

Adaps Photonics Public Comps

Adaps Photonics is still privately-owned, but its public comps include M31 Technology, Solid Power, Shenzhen Deren Electronic, Foxlink Group, Weebit Nano, Merry Electronics Co., Aryt Industries, Seco, Raydium and DS Neolux.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
M31 Technology$56M$5M10.2x9.5x120.6x81.6x
Solid Power$18M($87M)19.3x38.3x(4.0x)(4.3x)
Shenzhen Deren Electronic$672M$46M1.0x-14.8x-
Foxlink Group$3B($364M)0.6x-(4.8x)-
Weebit Nano$11M($41M)40.4x34.5x(10.8x)(13.4x)
Merry Electronics Co.$1.5B$87M0.4x0.4x6.7x7.4x
Aryt Industries$173M$126M1.1x-1.5x-
Seco$229M$32M3.2x3.0x22.4x14.6x

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Common questions about Adaps Photonics

When was Adaps Photonics founded?Adaps Photonics was founded in 2018.
Where is Adaps Photonics headquartered?Adaps Photonics is headquartered in Shenzhen, China.
Is Adaps Photonics publicly listed?No, Adaps Photonics is a private, VC-backed company.
What is Adaps Photonics' valuation?Adaps Photonics was last valued at $585M in its Series C in February 2023.
How much funding has Adaps Photonics raised?Adaps Photonics has raised $29M across 3 funding rounds.
What was Adaps Photonics' last funding round?Adaps Photonics' last funding round was a $14M Series C in September 2025, led by Zhejiang Provincial Financial Holdings.
Who are Adaps Photonics' investors?Adaps Photonics' investors include CPE, Guyu Golden Harvest Capital, Kinzon Capital, Legend Hldgs, Co-Stone Venture Capital, Zhejiang Provincial Financial Holdings and Legend Star.
Which companies are comparable to Adaps Photonics?Companies comparable to Adaps Photonics include M31 Technology, Solid Power, Shenzhen Deren Electronic, Foxlink Group, Paragraf and Beiyi Semiconductor.

See companies similar to Adaps Photonics

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