June 20, 2006 Somerset, NJ -- NanoOpto Corp., which is leveraging its design and nano-fabrication skills to produce optical components, has announced the initial closing of $5 million of its Series D-round venture financing. The funding by the full team of NanoOpto's venture investors brings to $51 million the total investment in NanoOpto to date.
The Series D closing comes as NanoOpto celebrates its fifth anniversary and successful commercialization of nanotechnology, particularly within the consumer electronics and communications industries. It also coincides with NanoOpto's appointment of Kenneth W. McCauley as vice president of sales and marketing. McCauley brings more than 25 years of experience in engineering, sales, business development, and marketing to NanoOpto.
"In five years, NanoOpto has gone from a nascent, ground-breaking innovator to a maturing company focused on operations and very solidly in the revenue growth stage," says Barry Weinbaum, president and CEO of NanoOpto. "We are one of only a few nanotechnology companies anywhere in the world to achieve successful commercialization, and our investors see our potential. Adding Ken McCauley to the management team at this time will be key to our success. He has strong credentials in our core markets, and a string of successes in developing business across Asia and the Pacific Rim."
NanoOpto received its initial venture financing in February 2001, and broke ground on its own fab that September. In March 2002, the company achieved general sampling status on select optical subcomponents. In January 2003, NanoOpto's nano-fabrication facility was the first of its kind to realize ISO 9001:2000 registration. By 2005, NanoOpto realized full volume production, with its optical devices being incorporated into consumer electronics products and fiber-optic communications networks.
Existing equity investors include: Morgenthaler Ventures; First Analysis; the Draper Fisher Jurvetson (DFJ) network (including DFJ Gotham Ventures and DFJ New England Ventures); Harris & Harris Group; U.S. Trust's Excelsior Venture Partners III, LLC; Masters Capital Nanotechnology, LLC; Nanostart AG; and Itochu of Japan.