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The 'valley of death' - why photonics companies struggle to raise funding

A montage of en and women's faces above the logo for The Photonics 100 State of Photonics Report 2026
As photonics moves from laboratory prototype to strategic industrial asset, the funding gap between early-stage grants and growth equity is leaving world-class technology stranded. Our Photonics100 leaders look at why the numbers don’t add up, and what it would take to fix them

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