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Kionix Closes $28.5 M Funding Round

Photonics.com
Feb 2004
ITHACA, N.Y., Feb. 5 -- Kionix Inc., a supplier of microelectromechanical systems (MEMS) technology, announced it has closed a $28.5 million financing round, which includes past investors such as the Cayuga Venture Fund, CMI International Investment Corp., Integrated Acquisition and Development Corp., Rocktech Inc. and a number of individual investors. New investors include the leader of the round, Lurie Investments, along with Advantage Capital Partners, Allen & Company Inc., Enhanced Capital Partners LLC, Gefinor Ventures, Onondaga Venture Capital Fund LLC, Rand Capital SBIC LP, Tompkins Trustco Inc. and additional private investors.

Kionix was founded in 1993 by Cornell University graduates Greg Galvin and Tim Davis and arose from research conducted at Cornell over 10 years. Kionix inertial sensors are used in vehicle stability control systems, navigation systems, cell phones, computer games and other automotive and consumer-electronics applications.

Galvin, president and CEO of Kionix, said it is already in high-volume production for automotive applications.

Kionix acquired Calient Networks, of San Jose, Calif., in 2000 to access its advanced photonic-switch componentry manufacturing processes. In 2001, Kionix built a MEMS production facility near its original location in Ithaca.

Kionix said it is also working with two major pharmaceutical corporations to develop novel micromachined devices with the potential to improve the drug discovery and development process.

For more information, visit: www.kionix.com



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