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ONDAX SECURES SERIES C FINANCING

January 21, 2005 - Monrovia, California -- Ondax, Inc., a California-based developer of volume holographic filters, announces that it has secured Series C financing. The round was led by Los Angeles-based venture capital firm Arcturus Capital, co-led by Park City, Utah-based Prospector Equity Capital and included returning investor CIV LLC and the California Institute of Technology.

"Ondax is a fantastic example of the kind of world-class technology company that we see in Southern California," said Stephen Watkins, General Partner of lead investor, Arcturus Capital. He adds, "Ondax's leadership in the optical component space, combined with its focus on the industrial laser market and the existing management team, create an exciting investment scenario for us. We are thrilled to help them develop their sales and marketing efforts over the next few years, as they will effect a real paradigm shift in the industrial laser market."

"Prospector is very pleased to work in partnership with Chris Moser and his team. We believe that Ondax and its proven technology will play a crucial role in dramatically accelerating the adoption of cost-effective diode lasers in an increasing number of industrial applications," said David Eastman, General Partner of Prospector Equity Capital.

With this round, Watkins and Eastman will become directors of Ondax, along with CIV President Gregory Smith. Prospector Vice President Alison Wistner will join the board as an observer. Christophe Moser, President and CEO of Ondax, Inc. notes, "This investment will enable Ondax to broaden the commercialization of our PowerLockerTM series to diverse markets and to ramp manufacturing. I am very excited to work with a supportive cast of new and returning investors whose level of investment is expected to take the company to profitability."

Ondax will be exhibiting at Photonics West 2005 (Booth 6300) in San Jose, California on January 25 through 27 with demonstrations of the capabilities of its volume holographic technology.

About Ondax, Inc.

Ondax is the leading manufacturer of volume holographic filters for the industrial laser, telecommunication and astronomy markets. Founded in 2000, the company is headquartered in Monrovia, California. Ondax has licensed technology from the California Institute of Technology.