Akustica Closes Second Round Funding of $8 Million.Business Editors PITTSBURGH--(BUSINESS WIRE)--Jan. 12, 2004 Akustica, Inc., a pioneer in acoustic system-on-chip solutions, announced today it has closed a second round of equity funding Equity funding An investment consisting of a life insurance policy and a mutual fund. The insurance policy is paid by the collateral value of fund shares, giving the investor the advantages of insurance protection with the growth potential of a mutual fund. totaling $8 million. The round was co-led by current investors, Rangos Investments and Chamberlain Investments. Also participating was Palo Alto Palo Alto, city, California Palo Alto (păl`ō ăl`tō), city (1990 pop. 55,900), Santa Clara co., W Calif.; inc. 1894. Although primarily residential, Palo Alto has aerospace, electronics, and advanced research industries. , CA-based Mobius Venture Capital, a leading technology-focused venture capital firm with numerous investments targeting the wireless communications wireless communications System using radio-frequency, infrared, microwave, or other types of electromagnetic or acoustic waves in place of wires, cables, or fibre optics to transmit signals or data. industry. With this second round of funding, the company has raised a total of $12.5 million. In addition, the company announced that John Rangos, Jr., a Pittsburgh-based investor, has been named to the Akustica Board of Directors. "We believe Akustica has the technology and market strategy to quickly become a global supplier to organizations that want to deliver innovation in their products through sound," said Mr. Rangos. "Chamberlain Investments has watched the steady progress of Akustica since our initial investment and believe the company is delivering on the promise of revolutionizing the way sound will enhance everyday products in the future," said Glen Meakem, founder and chairman of FreeMarkets, Inc. and general partner of Chamberlain Investments. "Mobius VC is a leading investor in cutting-edge semiconductor applications including LCoS (liquid-crystal on silicon), RF CMOS (Complementary Metal Oxide Semiconductor) Pronounced "c-moss." The most widely used integrated circuit design. It is found in almost every electronic product from handheld devices to mainframes. , optical 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. and now, acoustic MEMS. We believe Akustica's CMOS MEMS platform represents an extremely high-volume and potentially ubiquitous MEMS application," said Ryan McIntyre, Principal at Mobius Venture Capital. "We are delighted that our mission to leverage unique MEMS technology for high-value applications in several large and growing markets is attracting increased support from world-class investors," said James Rock, co-founder, 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 Akustica. About Akustica Akustica, Inc. is a MEMS-focused semiconductor company dedicated to developing a line of acoustic system-on-chip products that promise to revolutionize sound capture and reproduction. Based on CMOS MEMS technology exclusively licensed from Carnegie Mellon University's world-renowned MEMS laboratory, the company's products are targeted at high volume and high growth rate digital media markets such as mobile phones, telematics in automobiles, digital cameras and camcorders, and personal computers. For more information on Akustica, please visit www.akustica.com. About Rangos Investments Rangos Investments is led by John Rangos, Sr., a Pittsburgh-based investor and philanthropist. About Chamberlain Investments Chamberlain Investments is led by Glen T. Meakem, founder and chairman of FreeMarkets, Inc. About Mobius Venture Capital With offices in Palo Alto, California “Palo Alto” redirects here. For other uses, see Palo Alto (disambiguation). Palo Alto (IPA: /ˌpæloʊˈʔæltoʊ/, from Spanish: palo: "stick" and alto: "high", i.e. and Superior, Colorado Superior is a town in Boulder County, Colorado. A small portion of the town lies in neighboring Jefferson County. According to 2006 Census Bureau estimates, the population of the city is 10,308.[1] History Superior's history is one of coal mining. , Mobius Venture Capital is a $2.25 billion U.S.-based private equity venture capital firm managed by an unparalleled team of former CEOs and entrepreneurs, technology pioneers, senior executives from major technology corporations, and leaders from the investment banking community. Mobius Venture Capital specializes primarily in early-stage investments in the areas of: communications systems software and services; infrastructure software and services; professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. ; enterprise applications; healthcare informatics; consumer and small business applications; components; and emerging technologies. Mobius Venture Capital combines its technology expertise and broad financial assets Financial assets Claims on real assets. with the industry's best entrepreneurs to create a powerhouse portfolio of over 100 of the world's leading high technology companies. For more information on the fund's investment team, technology vision and portfolio companies, please visit www.mobiusvc.com. |
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