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Valentin Gapontsev
Valentin P. Gapontsev (23 February 1939 – 22 October 2021)[1] was a Russian-American laser physicist, billionaire, and the founder, CEO, and chairman of IPG Photonics. At the time of his death, his net worth was estimated at US$2.3 billion.[2] Early lifeValentin Gapontsev was born in Moscow, the son of an artillery captain.[3] The family moved to Lviv in 1946, and he spent the next 20 years there.[3] Graduating from the Lviv Polytechnic National University in 1961, he completed a doctoral program in the Moscow Institute of Physics and Technology.[4] CareerAfter completing his doctorate, he joined the Soviet Academy of Sciences Institute of Radio-engineering and Electronics in 1967, where he specialized in laser material physics, researching synthesis of active gain medium materials.[4][5] In 1990, Gapontsev founded IPG Photonics at age 51. In a small laboratory near Moscow, he and his team invented a way to make fiber laser technology practical.[6] His first contract was a $750,000 sale to Italtel, fulfilled by establishing IPG Laser GmbH factory in Burbach, which was employing 500 workers in 2011.[4] In mid-1990s, he expanded his business into the US by partnering with Dallas-based RELTEC Communications to produce 10,000 optical amplifiers for new BellSouth fiber network, which was being built to connect 5 millions of US households to Internet. IPG Photonics was incorporated in the US in 1998.[4] After moving his firm to the US, he raised $100 million investment from Merrill Lynch and Apax Partners.[7] IPG specializes in production of telecommunications and industrial high-power lasers. According to Forbes, Gapontsev's firm controlled 80% of the high-power fiber laser market in 2011.[4] Its revenue reached $1.4 billion in 2017.[7] Gapontsev and his family own 47.6% of IPG.[8] In 2011, Gapontsev received the Russian Federation National Award in Science and Technology.[1] In 2019, Gapontsev was erroneously sanctioned as a "Russian oligarch". The decision was later reversed by the US Treasury.[9] In 2020, Forbes ranked him No. 359 on the Forbes 400 of the richest people in America.[10] Personal lifeHe was married, with one child, and lived in Worcester, Massachusetts.[2] Gapontsev died on 22 October 2021. The cause of death is unknown, but it is known that he had cancer.[11] The official corporate memorial encourages donations to local surgical oncology and liver and pancreas research funds.[12] References
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