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Over 16 years of shared partnership: Warsaw Equity Group completes one of the longest-standing deep-tech investments in Poland by finalizing its exit from VIGO Photonics
PRESS RELEASE
Ożarów Mazowiecki, July 23, 2026
Warsaw Equity Group (WEG) has announced the sale of its shares in VIGO Photonics S.A. (WSE: VGO). The transaction, covering a block of 124,800 shares, concludes an active support phase spanning nearly two decades, during which the company transformed from a local technology enterprise into a global leader in mid-infrared photonics. The timing of the exit was determined by the company's operational maturity rather than the fund's calendar.
The partnership history between VIGO and WEG serves as an example of a successfully executed strategy based on WEG's own patient capital and long-term value creation in the deep-tech sector. During the fund's engagement, the company achieved spectacular growth: revenues increased nearly ninefold, employment grew nearly fourfold (reaching approximately 240 employees), and export sales currently account for around 85% of VIGO's total revenues.
From the beginning of its investment in 2010, Warsaw Equity Group acted as a long-term investor, supporting VIGO at key milestones such as its Warsaw Stock Exchange (WSE) debut in 2014 and its expansion into foreign markets. The fund also participated in financing subsequent growth stages, including subscribing to Series F shares in 2023.
Currently, VIGO Photonics is in an intensive implementation phase of its growth strategy. Among other initiatives, it is building a strong position in the US market through the $8.4 million acquisition of InfraRed Associates and preparing for mass production of infrared arrays for modern defense systems, including Poland’s military modernization program, SAFE.
"As Warsaw Equity Group, through over 16 years of active partnership with VIGO Photonics, we have proudly co-created the story of its spectacular growth – from a local leader to a recognized international player in the photonics industry. We have just finalized our investment exit, considering this moment the natural culmination of our mission as a growth equity fund. We enter companies at a stage where our capital and energy can accelerate their scaling, and we exit when the company achieves a strong, independent market position – VIGO is precisely in that place today. Now, we are directing our energy toward new, groundbreaking projects in the private market, remaining proud that Polish technology, with our contribution, has conquered the world," says Krzysztof Dziewicki, President of the Management Board of Warsaw Equity Group.
Company Growth Since WEG’s Investment
When Warsaw Equity Group made its capital investment in VIGO in 2010, the photonics market was in an early stage of development, and commercializing infrared technology required multi-year investments in R&D and building proprietary manufacturing capabilities. Over the following years, VIGO expanded operations across virtually every area of the enterprise – from R&D facilities to production and a global sales network.
In 2010, the company's revenues stood at PLN 11 million. By 2025, sales reached PLN 93 million, representing a nearly ninefold increase in operational scale over a dozen or so years. At the same time, the first half of 2026 brought PLN 54 million in consolidated revenues, confirming a sustained upward trend and setting the stage for another record-breaking year.
The organization grew in parallel. At the end of 2010, VIGO employed 57 people. Currently, the team numbers approximately 240 employees, representing a nearly fourfold increase in headcount that reflects the expansion of manufacturing, R&D, and sales capabilities.
"The partnership with Warsaw Equity Group, uninterrupted since 2010, was the foundation of VIGO Photonics' transformation from an ambitious, local technology manufacturer into the mature, global organization we are today. When the fund joined our shareholding structure, our operational scale was modest – revenues were just PLN 11 million, and the photonics market in Poland was only beginning to take shape. Throughout these 16 years, WEG was a benchmark long-term investor for us, providing the 'patient capital' essential for multi-year research into infrared technology and the development of unique manufacturing competencies. Together, we grew from 57 employees to a nearly 240-person international team, increasing revenues nearly ninefold over this period. WEG's support during key moments, such as our IPO in 2014 or foreign market expansion, enabled us to build a global presence with a high share of export sales. Today, in 2026, VIGO is a fully established, independent company with a strong presence in European and Asian markets, a US subsidiary, and a clear development path for the coming years, including infrared arrays and integrated photonics," says Adam Piotrowski, President of the Management Board of VIGO Photonics.
Currently, approximately 85% of VIGO's revenues originate from exports, and VIGO's products reach customers in all major global markets. Infrared detectors developed and manufactured in Poland are used in areas such as:
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Gas analyzers,
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The semiconductor industry,
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Medical diagnostics,
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Space systems,
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Security and defense solutions.
The company's global presence is the result of a consistently executed growth strategy and establishing itself as a trusted technology partner for the most demanding clients.
Operational growth was also reflected in the company's market valuation. Since its stock market debut, VIGO’s market capitalization grew alongside successive business development stages, reaching peak levels of approximately PLN 600 million.
In recent years, VIGO has been executing the largest investment program in its history. The company is advancing infrared array technologies, developing the HyperPIC project under the IPCEI framework, expanding production capacity, and strengthening its overseas footprint, particularly in the US market.
A landmark event in recent months was the March 2026 acquisition of assets from the US company InfraRed Associates, a recognized American manufacturer of infrared detectors. The $8.4 million transaction serves as a crucial element in VIGO’s strategy to build a stronger footprint in the US market and expand its product portfolio, particularly within the American defense sector. This acquisition was made possible in part through support from the Foreign Expansion Fund managed by PFR TFI, which aims to back the international expansion of Polish tech companies.
Contact for media and investors:
Piotr Piotrowski, cc group
piotr.piotrowski@ccgroup.pl, +48 697 613 010
Karolina Sałajczyk-Stefańska, VIGO Photonics
+48 538 565 256
VIGO Photonics S.A. (WSE: VGO) is a global manufacturer of high-tech solutions, specializing in the most advanced mid-infrared photonic detectors, dedicated modules, and semiconductor materials. Its innovative devices have gained recognition and are widely used by numerous international clients in the industrial and transportation sectors, as well as in environmental protection, medicine, defense, and security. The quality of VIGO Photonics detectors has also been confirmed during NASA missions to Mars (including the Curiosity rover), where they were used to detect traces of methane on the planet.
VIGO Photonics is successfully expanding its operations in the production of semiconductor materials. To this end, the company has refined and utilizes epitaxy technology (the deposition of selected crystal layers onto a crystalline substrate) using elements from groups III–V of the periodic table. As part of its development strategy, VIGO Photonics aims to supply the global market with photonic integrated circuits (PICs) based on these semiconductors. These systems will have numerous applications in the consumer electronics industry. The company also aims to achieve a leading position in the emerging European silicon chip market.
VIGO Photonics (formerly VIGO Photonics) began operations in 1987 and has been listed on the main market of the Warsaw Stock Exchange since 2014. The company is headquartered in Ożarów Mazowiecki and has a subsidiary in the United States. It employs approximately 200 highly qualified specialists and scientists. In August 2022, the company changed its name to VIGO Photonics, having previously operated under the name VIGO Photonics.
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