Itochu boosts NanoOpto's Series C financing

April 13, 2005 Somerset, NJ -- Itochu Corp. has invested $1 million in NanoOpto's Series C round financing. The company is a developer of proprietary nano-fabrication technology for optical components and systems. The investment adds to a previously announced $12 million in Series C round venture financing led by First Analysis, a private growth-equity investor. Total financing raised by the company to date is $43.3 million.

"Itochu's market and sales experience in the consumer electronics and communications industries in Asia are important in supporting NanoOpto's product commercialization and revenue growth," remarks Tracy Marshbanks, VP and general partner at First Analysis, and a member of NanoOpto's board of directors.

"Itochu is excited by NanoOpto's innovative technology and its potential for redefining optical circuit applications, leading to lowered costs and improved capability," adds Hiroo Inoue, COO of Itochu's IT and business solutions division. "Itochu looks forward to working with NanoOpto to realize the large and growing market potential for nano-optic devices."

According to the company, its optical devices provide both discrete and integrated functionality for diverse applications in digital imaging, optical drives, projection displays, and communications. The company's product offering this year has included IR cut-off filters for digital imaging, achromatic waveplates for optical drives, and optical isolators for data communications and telecommunications.

"Given our successful introduction of several new products over the last year, NanoOpto is now strongly focused on market growth," concludes Barry Weinbaum, president and CEO of NanoOpto. "This increases the importance of strong market intelligence and contacts. So we are pleased to have Itochu join our group of investors."