Advanced Technology Ventures Co-leads Second Round Funding for Onix Microsystems.Business Editors & High Tech Writers PALO ALTO, Calif.--(BUSINESS WIRE)--June 27, 2000 Advanced Technology Ventures, announced today the completion of second round venture capital funding for Onix Microsystems, raising $35.5 million in equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. . Azure azure /az·ure/ (azh´er) one of three metachromatic basic dyes (A, B, and C). az·ure n. Any of various dyes used in biological stains, especially for blood and nuclear staining. Capital Partners co-led the round. Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. Venture Partners also participated with a full pro-rata share. Richmond, Calif. based Onix Microsystems leverages its expertise in MEMS (MicroElectroMechanical Systems) Tiny mechanical devices that are built onto semiconductor chips and are measured in micrometers. In the research labs since the 1980s, MEMS devices began to materialize as commercial products in the mid-1990s. technologies to design and develop optical switching engines that enable its customers to provide high-value, reliable systems to manage, test, and protect their ever-expanding fiber optic facilities. The funding will go to further develop its infrastructure, distribution and build a pilot MEMS fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. facility. "We are delighted with this premier group of communications savvy investors," said Richard Panyko, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Onix Microsystems. "Utilizing their vast industry knowledge and business partnerships, will no doubt help Onix accelerate development of both our optical products and our business operations." Jack Harrington, General Partner at Advanced Technology Ventures, said "Onix's differentiated product strategy was key to our investment. Our investment will help Onix Microsystems bring to market their innovative, cutting edge optical communications technology. We have confidence that this technology will make Onix a key player in advances in the telecom industry and the Internet." Paul Ferris, General Partner of Azure Capital Partners stated, "Onix's optical switching technology is positioned to have a significant impact in the marketplace. With broader application than many traditional MEMS technology approaches, Onix's focus is to enable optical switching in a more expansive fashion. We look forward to helping accelerate their growth in the marketplace." About Advanced Technology Ventures Founded in 1979, Advanced Technology Ventures is a leading bi-coastal venture capital firm focused on investments in emerging growth companies in Internet, communications and health care technologies. ATV's management experience, technology expertise, global network of industry contacts and collaborative style has helped more than 100 companies navigate from inception to IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. and beyond. More information on ATV (1) (Advanced TV) An early name for the digital TV standard proposed by the Advisory Committee on Advanced Television Service (ACATS). See ACATS. See also ATV Forum. (2) (Analog TV) Refers to the NTSC, PAL and SECAM analog TV standads. is available at http://www.atvcapital.com/. About the Azure Capital Founded earlier this year, Azure Capital Partners is a newly formed venture capital fund focused on Internet infrastructure technologies. About Onix Microsystems Founded in 1998, Onix Microsystems is composed of industry experts in the field of optical communications and MEMS technologies. Onix's team represents a uniquely well-developed core competence Core competence Primary area of expertise. Narrowly defined fields or tasks at which a company or business excels. Primary areas of specialty. in the optical and MEMS technology. The Onix team also shares extensive experience in the development of MEMS based systems, optical components, and successful venture startups. Onix's mission is to be the world-leading supplier of a complete range of Optical Switching Engines(TM) for communications related applications. Onix Microsystems is located at 4138 Lakeside Drive in Richmond, CA. 94806 U.S.A. and on the Web at www.onixmicrosystems.com |
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