More funding coming nanotech's way:
NanoOpto Closes Series C
The optical nano-manufacturing company raises its venture funding total to $43.3 million.
April 12, 2005
NanoOpto has added an additional $1 million from Itochu Corporation to its $12-million Series C round announced three weeks ago (see More Funding for NanoOpto), the company said Tuesday.
The Somerset, New Jersey, company will use the money to broaden the commercialization of its nano-sized fabrication technology for optical components, and to continue development of new products.
Itochu, a multibillion-dollar Japanese conglomerate, is joined by Series C leader First Analysis, as well as previous investors Morgenthaler Ventures, DFJ Gotham Ventures, New England Ventures, Harris & Harris Group, and U.S. Trust.
“Itochu’s market and sales experience in the consumer electronics and communications industries in Asia are important in supporting NanoOpto’s product commercialization and revenue growth,” said Tracy Marshbanks, vice president and general partner at First Analysis and a member of NanoOpto’s board.
NanoOpto declined to disclose revenues, but the company is already shipping optical devices for a variety of applications, from disk drives to projection displays, said president and CEO Barry Weinbaum, a two-decade veteran at Lucent Technologies and AT&T.
Although the round’s size seems small for a late-stage nano-fab company, it’s actually the sixth in a series of financings over the last five years. The company split its Series A, B, and C rounds into two stages each.
Source: RedHerring.com |
