Why We Invested: NLM Photonics
August 2025
Deepthi Madhava
At Oregon Venture Fund, we love backing companies that are rethinking the rules and building technology that changes the game. NLM Photonics is doing exactly that.
In today’s AI-powered, cloud-driven world, data is moving faster than ever - and we expect it instantly. But here’s the catch, while silicon chips are amazing at processing information, they’re not so great at one key job - turning electrical signals into light (optical signals), which is how data actually zips across the world.
NLM’s big breakthrough? They’ve figured out how to combine good old silicon with special organic materials that are really good at handling light. This means data can move at blazing speeds while using way less power, without requiring chip makers to retool their factories. Faster speeds, lower costs, and a smaller carbon footprint? That’s a triple win.
Now for the fun and nerdy part: in electro-optic modulators, there’s a number called Vπ - it’s the voltage needed to twist light by 180°. Think of it like the strength you need to turn a stubborn faucet handle. The lower the number, the easier (and cheaper) it is to “turn the light.” Most modulators today need 3–5 volts. NLM’s patented Selerion™-HTX tech requires less than 1 volt in some designs. That’s a massive leap in efficiency - less heat, less energy, and more speed.
And they didn’t stop there. We’re talking up to 40x better electro-optic performance, 50% less power use, and almost double the manufacturing yield compared to traditional approaches.
In April, the company hit a huge milestone at OFC 50, the premier optical communications conference, unveiling its first 8-channel photonic integrated circuit (PIC) alongside partners AMF, Centera Photonics, and Enosemi (part of AMD). It wasn’t just a demo - it was proof that hybrid organic electro-optic tech can deliver top-tier performance and survive data-center-level heat (up to 135°C) without breaking a sweat. Or melting. Which is what current electro-optic modulators do at transmission rates exceeding 8 terabits/second.
The market they’re chasing is enormous, projected to hit $14B by 2032 - and they already have a hyperscaler, a transceiver maker, and government agencies in their corner.
What makes NLM stand out is the combination of jaw-dropping performance and a leadership team that knows how to bring deep tech to market. CEO Brad Booth has led high-speed networking projects at Microsoft, Intel, and Meta while CTO Dr. Lewis Johnson with dual PhDs in Chemistry and Nanotechnology has been pioneering electro-optic conversion innovations for years.
Our investment in NLM Photonics not only provides capital to accelerate their growth, but also strengthens their leadership bench. We’re proud to back a local company in our own “global semiconductor paradise” and to contribute independent board expertise through Dr. Andrew Grenville - an OVF venture partner and founder of Inpria Corporation, which successfully exited to JSR in 2021 for $514 million.
With demand for high-performance optical connections only accelerating, we see NLM Photonics not just as a great investment, but as a company that will help define the future of global data infrastructure. And with the potential to dramatically reduce data center energy consumption, it’s the kind of startup that all of us can feel really good about.
Follow more NLM Photonics here for more updates.
