FAME financing for Maine optics company may help retain, create jobs
File PHOTO / COURTESY GRAY OPTICS
A lens designed by Gray Optics, which was acquired last year by a Swiss photonics firm.
A growing optics company in Portland won approval of a $1 million loan from the Finance Authority of Maine, and will use the money to pay for new construction that's expected to help retain 10 jobs and create more than eight in the near future.
FAME’s board of directors approved the loan for Sawyer Enterprises LLC, which does business as FISBA North America.
The company is a precision manufacturer of microphotonics — a branch of technology that deals with directing light on a microscopic scale and is used in optical networking.
Sawyer deploys microphotonics in optical designs that are used in medical and life sciences, according to a news release.
“Precision manufacturing is one of Maine’s targeted industries as outlined in Maine’s Economic Development Strategy,” said Richard Trafton, FAME’s board chair. “We hope this financing will enable the company to grow and innovate utilizing Maine’s STEM workforce.”
Complex assemblies
Sawyer Enterprises was founded as Gray Optics in 2017 by Daniel Gray. In 2020, the company and a growing cluster of other Maine imaging manufacturers provided key technology for the pandemic response.
The companies deal with the engineering aspects of light and bring together complex assemblies of components such as lenses, illumination, camera sensors, software and electronics.
As a developer of precision optical systems and early-stage product development for biomedical and industrial applications, Gray's company saw demand surge from manufacturers of COVID-19 point-of-care tests.
FISBA acquisition
Last year, Gray Optics was acquired by FISBA Group, a developer and producer of optical and illumination systems based in St. Gallen, Switzerland.
At the time, Gray told Mainebiz that he was approached by the leadership of FISBA’s Tucson, Ariz.-based subsidiary, whom he’d known throughout his career.
The acquisition expanded FISBA’s presence in the U.S. while allowing Gray to retain its team and leverage expanded precision manufacturing capabilities.
FISBA, a privately owned company founded in 1957, provides optical design, system engineering, high-precision volume production and advanced optical coating. The company manufactures microlenses, complex flat optics, precise optical assemblies, advanced optical systems and compact laser modules. FISBA focuses on solutions for life sciences, industrial applications and aerospace and defense. It has subsidiaries in Germany, the U.S. and China.
FISBA North America LLC is a wholly owned subsidiary of FISBA AG.
Consolidated facility
The planned renovations to the Portland plant will allow the parent company, FISBA, to move operations and equipment from Tucson to Maine.
“We are grateful for FAME’s support, which will enable us to expand our Maine operations and create more good-paying jobs,” said Wallace Latimer, president of FISBA North America. “We appreciate Maine’s talented workforce and look forward to creating more innovative products that are in demand within the medical and life sciences markets.”
FAME’s direct loan program provides access to operating capital for startups and existing businesses for most business purposes. Loans up to $1 million may be available if substantial public benefit is demonstrated and sufficient funds are available.
FAME is a quasi-independent state agency whose mission is to enrich business and educational outcomes through relevant, timely financial support to Maine’s people.
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