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Rockley Photonics leaves Chapter 11 bankruptcy with new funding

posted on Jun 09, 2023 10:27AM

https://www.lightwaveonline.com/business/companies/article/14294933/rockley-photonics-leaves-chapter-11-bankruptcy-with-new-funding

Rockley Photonics leaves Chapter 11 bankruptcy with new funding

Rockley Photonics, which has leveraged silicon photonics technology for optical communications before shifting its focus to medical applications, says it has emerged from Chapter 11 after filing for bankruptcy protection in the first quarter of this year. Its financial restructuring includes approximately $35 million in additional funding from its stakeholders.

The company asserts that all of its material customer relationships remain in place and it remains on schedule with all of its programs, including development of remote patient monitoring technology. Rockley is developing photonic integrated circuits, sensors, and full-stack offerings to enable sensing platforms, including wearable technology, designed for health monitoring.

“Rockley’s ability to emerge from Chapter 11 in just 46 days was a significant achievement and marks the beginning of a new era for the company. Our stakeholders’ ongoing belief in Rockley has provided us with a greatly strengthened balance sheet and the funds to continue to develop disruptive technology for the med tech market,” commented Dr. Andrew Rickman, Rockley’s CEO. “We greatly appreciate the continued support not only of our stakeholders but also of our suppliers, partners, and employees. I look forward to the opportunity to continue to develop Rockley’s products and bring them to market.”

Rockley Photonics emerged from stealth in 2014 with its own take on silicon photonics (see “Bookham founder resurfaces at Rockley Photonics ”). It established a joint venture with Hengtong Optic-Electric for the optical transceiver market in 2018 and dabbled with an OptoASIC platform as an early form of co-packaged optics before switching its focus to the healthcare market in 2020 (see “Rockley Photonics closes new funding, hires CCO with healthcare focus ” and “Rockley Photonics to go public, focus on healthcare market ”).