S-Group Ventures, a 1.8 billion Ruble ($60 million) venture capital fund between Russian Venture Company (RVK) and S-Group Capital Management, has invested $3 million in Spectralus, developer of periodically poled nonlinear crystals and laser products, reported CNews.
Founded in 2003, Spectralus Corporation (Спектралюс) developed a green laser microchip for use in mobile projectors. Spectralus makes periodically poled MgO-doped LiNbO3 (PPMgOLN) crystal products. The company, which is headquartered in Santa Clara, California, has a Russian subsidiary company in Moscow. Spectralus founder and CEO Stepan Essaian previously worked as Chief Scientist for Solid State Photonix/Teraburst Networks and before that at National Semiconductor. Stepan Essaian holds D.Sc. and Ph.D in Solid State Physics and Optoelectronics from Ioffe Physico-Technical Institute in St. Petersburg, Russia.
S-Group Direct Investments fund (SGDI), which is under the management of S-Group Capital Management, is a controlling shareholder of Spectralus Corporation.
S-Group Capital Management is a private equity and venture capital management company based in Moscow, Russia. The main benefactor of the company is Alexei Mordashov, the key shareholder and CEO of multinational steel company Severstal.