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Innovative Micro Closes $17M Funding
Feb 2005
SANTA BARBARA, Calif., Feb. 3 -- Innovative Micro Technology (IMT), a manufacturer of microelectromechanical systems (MEMS), announced it has raised $17 million in institutional venture capital. The company said it will use the investment to expand its facilities and equipment as it begins production on multiple customer programs. Funds will also be used to expand IMT's sales and marketing efforts, specifically those targeting new technology partnerships with industry leaders.
The funding round was led by Investor Growth Capital Ltd., with significant participation from BA Venture Partners and Miramar Venture Partners. In conjunction with the financing, Jose Suarez of Investor Growth Capital and Eric Sigler of BA Venture Partners will join IMT's board of directors. Also joining IMT's board will be Barry Waite, former president and CEO of Chartered Semiconductor and a senior advisor to IGC.
"This investment provides IMT with a solid foundation for growth and, we believe, clearly establishes IMT as the leading independent MEMS manufacturing partner in the US," said CEO John Foster. "Although we have been growing our business steadily since our founding in January 2000, this investment allows us to accelerate that growth in a variety of ways, including the acquisition of new tools for additional capacity to better serve our existing customers, and increasing our efforts to obtain new corporate accounts and partnerships."
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