Raydiance, which claims to be working on “ultrafast lasers” with applications in microelectronics, solar panel manufacturing, eye surgeries, dermatology and cancer treatments, has brought in $3.1 million of an expected $5 million round of funding. Based in Petaluma, Calif., the company is backed by Greenstreet Partners and Draper Fisher Jurvetson. It raised $20 million in a fourth round of funding last year.