Valentin Gapontsev
Valentin P. Gapontsev | |
|---|---|
| Born | Template:Birth date Moscow, Russia |
| Died | October 22, 2021 (aged 82) |
| Occupation(s) | Laser physicist, entrepreneur |
| Known for | Founder, CEO, and chairman of IPG Photonics |
Valentin P. Gapontsev (23 February 1939 – 22 October 2021) was a distinguished Russian-American laser physicist, billionaire entrepreneur, and the founder, CEO, as well as chairman of IPG Photonics. At the time of his passing, his wealth was valued at approximately US$2.3 billion.
Early life
Gapontsev was born in Moscow to a father who served as an artillery captain. In 1946, his family relocated to Lviv, where he spent the next two decades. He earned his degree from Lviv Polytechnic National University in 1961 and later completed doctoral studies at the Moscow Institute of Physics and Technology.
Career
Following the completion of his doctorate, Gapontsev began working in 1967 at the Institute of Radio-engineering and Electronics under the Soviet Academy of Sciences, concentrating on the physics of laser materials and the synthesis of active gain media.
At age 51, in 1990, he established IPG Photonics near Moscow, becoming a pioneer in the development of practical fiber laser technologies. His initial significant contract involved a $750,000 deal with Italtel, which was fulfilled by launching IPG Laser GmbH in Burbach. By 2011, this facility employed around 500 people.
During the mid-1990s, Gapontsev broadened his company's reach into the United States through collaboration with Dallas-based RELTEC Communications to manufacture 10,000 optical amplifiers for BellSouth’s fiber optic network servicing five million households. IPG Photonics was incorporated in the US in 1998. After transferring operations stateside, he successfully raised $100 million in funding from Merrill Lynch and Apax Partners.
IPG Photonics focuses on telecommunications and industrial applications involving high-power lasers. By 2011, it held an 80% share of the high-power fiber laser market. The company’s revenue reached $1.4 billion in 2017. Gapontsev and his family maintained a 47.6% ownership stake in IPG.
In recognition of his contributions, he was awarded the Russian Federation National Award in Science and Technology in 2011.
In 2019, he was erroneously designated as a "Russian oligarch" by the US Treasury Department; this sanction was subsequently revoked.
Forbes placed him at number 359 on its Forbes 400 list of wealthiest Americans in 2020.
Personal life
Gapontsev was married with one child and lived in Worcester, Massachusetts.
He passed away on 22 October 2021. Although the cause of death has not been officially disclosed, he had been battling cancer. The company’s memorial encourages donations to local surgical oncology programs and liver and pancreas research initiatives.