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Ann Arbor-based Coherix Inc. plans to use $12 million in new funding to reposition the device manufacturer for an initial public offering.
Coherix makes optical-based 3-D measurement and inspection devices for the automotive and semiconductor industries. Its founder aims to go big with its bandwidth. The goal is to create a company worth $1 billion with revenue of more than $100 million by 2020. Current revenue is less than $10 million.
The $12 million in new funds from a July investment round come from Coherix's partner in a Chinese joint venture, Huzhou ShinTai Lighting Electric Apparatus Co. Ltd., said Dwight Carlson, Coherix chairman and CEO. The funds will go toward marketing and sales to get more clients spending top dollar for Coherix's technologically advanced equipment.
Carlson said the company sought money from China because domestic investors tended to turn a blind eye to manufacturing investments after the recession.
After surviving the recession in Michigan, there was no capital available from a...