September 2025 Mergers, Acquisitions and Investment Highlights

Photonics is experiencing a large boom leading to thousands of inventions and new applications. Mergers and Acquisitions (M&As) and investments play a critical role in sustaining the growth of the photonics industry. Read our summary of M&A deals and investments in the photonics industry for September 2025.

Mergers & Acquisitions in Photonics

A total of twenty-two (22) M&As were recorded for the month of September consisting of twenty-one (21) acquisitions and one (1) merger. The lone merger that took place this month is between neutral atom–based quantum technology specialist Infleqtion (USA) and Churchill Capital (USA); the merger will enable Infleqtion to go public and to facilitate its goal of commercializing quantum products.

Out of the twenty-one acquisitions for this month, European companies were among the active players. Five (5) EU companies took part as acquiring companies while six (6) European companies have been acquired this September. Below are the key M&As involving EU companies:

• Prior Scientific (United Kingdom), a microscopy and automation specialist, strategically acquired Kinetic Systems (USA) for expansion of its precision instrumentation capabilities across research, semiconductor, and aerospace markets.
• Tescan (Czech Republic), an advanced imaging systems manufacturer, acquired FemtoInnovations (USA) and created its Laser Technology Business Unit (LT BU) at the University of Connecticut (UConn) Tech Park. The acquisition likewise expanded Tescan’s semiconductor, biomedical device manufacturing, and advanced research market portfolio.
• Antares Vision (Italy) had its significant stake acquired by the industrial technology company Crane NXT (USA). Antares Vision is a leader in the design, manufacture, installation and maintenance of inspection and detection systems and its acquisition expands Crane NXT’s portfolio.
• Voysys (Sweden) was acquired by  Serve Robotics (USA) to enhance its capabilities and support the growth of its autonomous delivery robots.
• X-Sensors (Switzerland), a force sensor specialist, was acquired by Baumer (USA) to boost its force and strain measurement portfolio.

Among the M&As for this month are a couple of transactions between European players. First, space company OrbitsIQ Global (Luxembourg) acquired UNIO Enterprise (Germany), a connectivity software pioneer; the acquisition serves OrbitsIQ’s goal to “integrate satellite and terrestrial networks with mobile assets anywhere in the world.” Then, there is the acquisition by lighting control system specialist Tridonic (Austria) of the NovaLight unit of Novaccess (Switzerland), a developer of intelligent, cloud-based control systems.

EPIC member Theon International (Cyprus) likewise acquired 49% stake from the Scotland-based subsidiary of another member Kopin (USA) as part of its strategic investment in Kopin.

Rounding up the M&As for the month of September are several big transactions across the globe:

• Niterra (Japan) acquired the Spark Plug business and Exhaust Gas Sensor business of fellow Japanese company Denso for $1.2 billion.
• Ciena   (USA), high-speed connectivity leader, acquired Nubis Communications (USA) for $270 million. Ciena’s acquisition of Nubis, a specialist in high-performance, ultra-compact, low-power optical and electrical interconnects for AI workloads, will expand Ciena’s portfolio.
• Nextracker (USA), a solar technology platform provider, acquired Origami Solar (USA) for $53 million in an all-cash acquisition.

Investments

For September, thirty-seven (37) investments were recorded of which 19 were obtained by companies based in Europe, which include the following:

• IQM Quantum Computers (Finland) raised $320 million in Series B, which is the biggest investment in quantum space for Series B as of now.
• Ultralytics (United Kingdom) secured $30 million in Series A to further develop computer vision and make advanced vision AI accessible.
• TracXon (The Netherlands), a deep-tech spin-off from TNO, raised $5.50 million to accelerate its effort to industrialize hybrid printed electronics (HPE).
• Sonair (Norway) raised  $6 million to fuel its goal to produce the first safe 3D ultrasonic sensor for robots.
• Kreios Space (Spain) secured €8 million which will fund its goal of developing technology to bring satellites closer to Earth.
• FERNRIDE (Germany) grabbed a Series A €18 million funding for development of dual-use autonomous logistics solutions across Europe.
• ORYL Photonics (Switzerland) closed its Series A with funding from CADFEM International AG, S2S Ventures and other undisclosed investors to enable its development of “advanced solutions for measuring the solubility and aggregation of drug molecules and biologics in the life science sector.”
• Qovery (France) raised $13 million in Series A to fund its growing team, product innovation and expanding its presence in both Europe and the Atlantic.  

We have also noted other funding raised in other parts of the world for September, including some of these significant investments:

• PsiQuantum (USA) secured $1 billion in Series E to fuel its mission to develop the first fault-tolerant quantum computers.
• Figure (USA) closed its Series C round with $1 billion raised, further driving its mission to develop humanoid robots “into real-world environments at scale.”
• QuEra Computing (USA) secured $230 million in a Series B round to advance quantum-accelerated supercomputing.
• Auterion (USA) raised in a Series B seed round $130 million to scale AI-enabled autonomous systems for defense.
• DYNA Robotics (USA) secured $120 million in a Series A financing round to further accelerate critical areas of their company’s development.
• VITURE (USA) raised $100 million in Series B to further develop innovations in XR.

EPIC members likewise secured investments or played the part of investor for the month of September. Long-time member Cailabs (France) secured €57 million to aid in its further growth and development, particularly the production and scaling-up of up to 50 Optical Ground Stations. Other EPIC members likewise provided funding for key players in the industry. imec.xpand, the venture-capital arm of EPIC member imec, is among the investors that raised $75 million for Mojo Vision (USA) during its recent Series B round. Intel Capital, the venture capital arm of EPIC-member Intel is among the investors that raised $15.5 million for Mueon (USA), a company developing semiconductor-based systems for AI and hyperscale computing.

EPIC member Theon (Cyprus) likewise invested $15 million in Kopin (USA), the mother company of EPIC member Kopin Europe. The investment includes the acquisition of Theon of about 49% stake in the Scottish subsidiary of Kopin to start a joint venture for the production and distribution of AR-enabled systems. Another member, Scintil Photonics (France), raised $58 million in a Series B round participated by Bosch Ventures, the venture capital arm of long-time EPIC-member Bosch.

Note: The mergers and acquisitions (M&As) as well as the investments compiled in this article are based on information readily available at the date of the publication of this article. EPIC shall update the article whenever it comes across publication of other transactions after the release of this article. Readers are encouraged to inform EPIC in case of an omission of a particular M&A or investment for the subject month. Feel free to give us an email at info@epic-photonics.com for inquiries.