This Modern Masterpiece Is the Ultimate Tiburon Abode
Dave Grannan, co-founder and CEO of photography startup Light
Photography startup Light raised $25 million in Series B funding Thursday to bring DSLR quality to mobile phone cameras.
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Formation 8 Hardware Fund led the round with participation from StepStone Group LP, Bessemer Venture Partners, CRV, Foxconn's FIH Mobile Ltd., GlobalFoundries CEO Sanjay Jha and CrunchFund. The company has raised $34.7 million to date.
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]]> ]]>CEO Dave Grannan co-founded the Palo Alto-based company in 2013 to re-imagine photography on cellphones. The startup has developed camera technology for phone makers that will allow for a true optical zoom, better low-light performance and result in photos comparable to the ones taken on an expensive DSLR camera.
"Mobile photography has reshaped how we consume, share and create content and there's a huge opportunity to give consumers even better options," Grannan said in a press release. "This Series B round led by Formation 8 Hardware Fund is a pivotal moment for Light as we look to expand our team and bring our camera technology to market."
The cost will be at least $60 for phone makers to add Light's technology to devices, according to Forbes. But since it DSLR cameras can cost $2,000 even without a lens, the company believes consumers will be interested in paying extra.
Light and investor Foxconn have a deal for Foxconn to resell Light's camera technology to any of Foxconn's customers. Foxconn is a contract manufacturer that makes Apple's iPhones. Foxconn will also use Light's camera technology for its own branded phones in Asia, per the report.
The new funding will support the development of Light's patented camera technology and help scale production infrastructure. The company has doubled in size in the last three months and will likely double it again before the end of the year.
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This Modern Masterpiece Is the Ultimate Tiburon Abode
Source: Photography startup Light raises $25 million in Series B funding
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