SMMX spins out another entity:
Symyx spins off sensor tech company
Wednesday November 29, 12:09 pm ET
Research company Symyx Technologies Inc. has formed an independent company to develop and pursue commercial applications of sensor technologies, it said Wednesday.
Santa Clara-based Symyx (NASDAQ:SMMX - News) said the new company, Visyx Technologies Inc., will focus on efforts to commercialize sensor technologies in the transportation, industrial and other markets, particularly for use in passenger, truck and off-road vehicles.
Visyx has received the majority of its funding from San Francisco-based CMEA Ventures, plus an investment of $400,000 from Symyx. Based on this investment and the transfer of sensor intellectual property rights to Visyx, Symyx owns 37 percent of the new company.
Symyx has retained rights to apply the sensor technologies in certain pharmaceutical, chemical and refining applications. Symyx's president, Isy Goldwasser, and CMEA Ventures' partner Robert McIntyre have joined Visyx's board of directors.
This is the second company that Symyx has spun off to pursue internally developed technologies independently. In 2003, Symyx launched Ilypsa Inc., a pharmaceutical company pursuing non-absorbed, GI-based drugs for renal and metabolic diseases. Ilypsa has raised $46 million in financing so far from investors.
Published November 29, 2006 by the Silicon Valley/San Jose Business Journal
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