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- DustPhotonics
DustPhotonics Acquisition, Valuation, Funding & Investors
DustPhotonics was acquired by Credo Technology Group for $1.3B in April 2026.
Cumulative funding DustPhotonics raised
$85M
across 4 funding rounds
Key investors in DustPhotonics
Celesta Capital
Intel Capital
Greenfield Partners
Avigdor Willenz
Exor Ventures
Atreides Management
Phoenix Financial
Poalim Equity
About DustPhotonics
DustPhotonics is a Modi'in-headquartered producer of silicon photonics-based pluggable optical modules for data centers, enterprise networks, and high-performance computing. Founded in 2017, the company operates an additional office in Cupertino, California, where its AuraDP technology supports advanced 400G and 800G connectivity solutions.
Founded
2017
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Valuation
$1.3B (acquired Apr 2026)
DustPhotonics Acquisition
DustPhotonics was acquired by Credo Technology Group for $1.3B on 12 April 2026.
Before the acquisition DustPhotonics had raised $85M across 4 funding rounds.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 12 Apr 2026 | Strategic M&A | $1.3B |
DustPhotonics Funding History
DustPhotonics has raised a total of $85M across 4 funding rounds.
DustPhotonics' first fundraising round was a $25M Series B in September 2019. The most recent completed round was a $24M Series B in February 2024.
DustPhotonics funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Feb 2024 | Series B | Atreides Management; Sienna Investment Managers; Greenfield Partners; Exor Ventures | $24M | DustPhotonics, an Israel-based company founded in 2017 and headquartered in Modi'in, develops silicon photonics technology for hyperscale data centers, AI, enterprise, and HPC applications. The company transitioned from manufacturing transceivers to focusing on silicon photonics solutions in 2021, offering pluggable optical modules like the Carmel-4 (400Gb/s) and Carmel-8 (800Gb/s) products, with next-generation developments targeting 1.6Tb/s applications. Its platform emphasizes improvements in bandwidth, speeds, cost reduction, and power efficiency for optical networking. On February 21, 2024, DustPhotonics closed an oversubscribed $24 million Series B follow-on round, funded by new and existing investors including Sienna Venture Capital, Greenfield Partners, Atreides Management, and Exor Ventures. The proceeds will scale production of Carmel-4 and Carmel-8 products and accelerate R&D for future 1.6Tb/s innovations. This marks the company's latest funding, bringing total capital raised to $61 million across three rounds or $96 million over six per some trackers, following a $33 million round in 2021 amid a reorganization that reduced headcount by about 80 employees. Investors highlighted DustPhotonics' leadership in AI compute markets, strong customer traction, design-win momentum, customer agreements, and backlog for its products. CEO Ronnen Lovinger noted excitement for opportunities in AI and cloud data centers, supported by long-term backers and new partners. Chairman Avigdor Willenz praised the team's progress in technology, products, and business since the silicon photonics pivot, positioning the company as a leader in merchant silicon photonics. The funding underscores growing demand for silicon photonics to enable data centers' AI requirements, with backers like Sienna's Isabelle Amiel-Azoulai and Greenfield's Yuda Doron citing the company's innovation, execution, commercial wins, and market potential. |
| Oct 2021 | Series B | Greenfield Partners (lead); Avigdor Willenz; Poalim Equity; Phoenix Financial; Celesta Capital; Intel Capital | $33M | - |
| Nov 2019 | Series B | Celesta Capital | $3M | - |
| Sep 2019 | Series B | Intel Capital (lead); Avigdor Willenz; Celesta Capital | $25M | DustPhotonics, an Israel-based startup founded in 2017 with offices in Modiin and Cupertino, California, develops pluggable high-speed optical transceivers, modules, and cables for data centers, high-performance computing, and hyperscale applications using electro-optic technology like AuraDP and VCSEL-based interconnects. The company addresses demands for lower cost, lower power, and higher reliability in optical connectivity as data rates double with each generation. In September 2019, DustPhotonics raised $25 million in a Series B funding round led by Intel Capital, with participation from WRVI Capital and continued investment from semiconductor entrepreneur Avigdor Willenz. Intel Capital's investment complemented their optical transceiver portfolio, emphasizing DustPhotonics' role in short-reach, standards-based interconnects essential for data center performance and scale. WRVI Capital highlighted the company's innovative solutions for high-performance connectivity needs. The funding was intended to accelerate product roadmap development for next-generation optical modules, expand operations, and grow global market presence. CEO Ben Rubovitch noted the products meet key hyperscale requirements and enable high-density architectures. Intel's Hong Hou and WRVI's Lip Bu Tan praised the technology's positioning amid growing data center and fiber infrastructure investments driven by cloud, enterprise, and 5G demands. |
Who has invested in DustPhotonics?
9 investors have backed DustPhotonics across its funding rounds, including Celesta Capital, Intel Capital, Greenfield Partners, Avigdor Willenz, Exor Ventures and Atreides Management.
Lead investors include Greenfield Partners and Intel Capital.
DustPhotonics Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Participant | Sep 2019 | ||
| -- | 2 | Participant | Sep 2019 | |
| 2 | Lead | Oct 2021 | ||
| 2 | Lead | Sep 2019 | ||
| 1 | Participant | Feb 2024 | ||
| 1 | Participant | Oct 2021 | ||
| 1 | Participant | Feb 2024 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialDustPhotonics Competitors
DustPhotonics competitors include listed companies like POET Technologies, Tianjin 712 Communication and Parade Technologies, and private ones like DataBox, BYD Semiconductor and XLMEC.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $1M | ($60M) | $1.3B | 106.5x | ||
| Private | - | - | $500M | - | ||
| Publicly listed | $320M | ($54M) | $1.3B | - | ||
| Private | - | - | $1.3B | - | ||
| Private | - | - | $1.3B | - | ||
| Publicly listed | $519M | $109M | $1.3B | 1.9x |
DustPhotonics Public Comps
DustPhotonics is no longer listed, but its public comps include POET Technologies, Tianjin 712 Communication, Cordiant Digital Infrastructure, Adtran Networks, Parade Technologies, Wolfspeed, Shenzhen Q and D Circuits, Koh Young, Harmonic and Elan Microelectronics.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1M | ($60M) | 475.5x | 106.5x | (8.6x) | - | |||
| $320M | ($54M) | 4.7x | - | (27.9x) | - | |||
| $221M | - | 6.9x | 6.5x | - | - | |||
| $555M | $72M | 2.4x | - | 18.7x | - | |||
| $519M | $109M | 2.0x | 1.9x | 9.4x | 9.8x | |||
| $758M | ($1.1B) | 2.6x | 3.0x | (1.8x) | 59.7x | |||
| $142M | $27M | 9.2x | - | 49.0x | - | |||
| $169M | $21M | 7.5x | 5.9x | 60.1x | 31.1x | |||
This data is available for Pro users. Sign up to see all DustPhotonics competitors and their valuation data. Start Free Trial | ||||||||
Common questions about DustPhotonics
| When was DustPhotonics founded? | DustPhotonics was founded in 2017. |
| Where is DustPhotonics headquartered? | DustPhotonics is headquartered in Modi'in, Israel. |
| Is DustPhotonics publicly listed? | No, DustPhotonics was acquired by Credo Technology Group in April 2026. |
| Who acquired DustPhotonics? | DustPhotonics was acquired by Credo Technology Group in April 2026. |
| How much was DustPhotonics acquired for? | DustPhotonics was acquired for $1.3B in April 2026. |
| How much funding has DustPhotonics raised? | DustPhotonics has raised $85M across 4 funding rounds. |
| What was DustPhotonics' last funding round? | DustPhotonics' last funding round was a $24M Series B in February 2024. |
| Who are DustPhotonics' investors? | DustPhotonics' investors include Celesta Capital, Avigdor Willenz, Greenfield Partners, Intel Capital, Atreides Management, Poalim Equity, Sienna Investment Managers, Exor Ventures and Phoenix Financial. |
| Which companies are comparable to DustPhotonics? | Companies comparable to DustPhotonics include POET Technologies, DataBox, Tianjin 712 Communication, BYD Semiconductor, XLMEC and Parade Technologies. |
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