DURHAM — SWIR Vision Systems Inc., Durham-based high definition camera manufacturer, has raised $1,010,000 million in debt, according to a filing with the Securities and Exchange Commission.
Three investors contributed to the round, which is capped at $1.26 million, with $250,000 remaining to be sold.
The company said the funds would be use for “none other than payments of salary in the ordinary course of business.”
In 2019, the company raised $500,000 from a combination of debt and equity, and another $1 million in the same way back in 2018.
Founded in 2018, SWIR Vision Systems is a spin out venture company for RTI International, and specializes in commercial applications of infrared camera technology for the industrial machine vision, security systems, agricultural, automotive global markets.
The company’s main product line are the Acuros high-definition cameras, featuring the company’s CQD technology, which allows for high resolution images at a low cost point. These cameras are made for highly detailed image sensing across several market specializations from explosives detection to high volume plastic sorting and water, moisture monitoring.
In this application, the Acuros camera is used to monitor imperfections in newly forged glass bottles.
The company is headed by George Wildeman, a 25-year veteran of the photonics industry. He brings years of experience growing photonics based technology startups and similar businesses. Most recently, he was the executive mentor-in-residence at the Duke University Office of Licensing and Venturing.