- Companies
- Adaps Photonics
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
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$585M (Feb 2023)
Sectors
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
| Date | Stage | Valuation |
|---|---|---|
| Feb 2023 | Series 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
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2025 | Series C | Zhejiang Provincial Financial Holdings (lead) | $14M | - | - |
| Feb 2023 | Series C | Co-Stone Venture Capital (lead); Guyu Golden Harvest Capital | $15M | $585M | Adaps 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 2018 | Angel | CPE; 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Participant | Dec 2018 | ||
| 1 | Participant | Feb 2023 | ||
| 1 | Participant | Dec 2018 | ||
| 1 | Participant | Dec 2018 | ||
| 1 | Lead | Feb 2023 | ||
This data is available for Pro users. Sign up to see all 7 Adaps Photonics investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAdaps 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.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $56M | $5M | $586M | 9.5x | ||
| Publicly listed | $18M | ($87M) | $581M | 38.3x | ||
| Publicly listed | $672M | $46M | $592M | - | ||
| Publicly listed | $3B | ($364M) | $612M | - | ||
| Private | - | - | $430M | - | ||
| Private | - | - | $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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $56M | $5M | 10.2x | 9.5x | 120.6x | 81.6x | |||
| $18M | ($87M) | 19.3x | 38.3x | (4.0x) | (4.3x) | |||
| $672M | $46M | 1.0x | - | 14.8x | - | |||
| $3B | ($364M) | 0.6x | - | (4.8x) | - | |||
| $11M | ($41M) | 40.4x | 34.5x | (10.8x) | (13.4x) | |||
| $1.5B | $87M | 0.4x | 0.4x | 6.7x | 7.4x | |||
| $173M | $126M | 1.1x | - | 1.5x | - | |||
| $229M | $32M | 3.2x | 3.0x | 22.4x | 14.6x | |||
This data is available for Pro users. Sign up to see all Adaps Photonics competitors and their valuation data. Start Free Trial | ||||||||
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. |
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