Inphase Technologies Closes $15 Million Second Round of Funding
Jul 9, 2019
March 01, 2004 05:00 AM Eastern Standard Time
LONGMONT, Colo.--( BUSINESS WIRE )--March 1, 2004--InPhase Technologies:
-- Alps Information Technology Fund, Yasuda Enterprise Development Company, Japan Asia Investment Company, and Mr. B.J. Cassin New Investors
-- New Venture Partners Leads Round for Premier Holographic Data Storage Developer
-- Funds Will Enable Delivery of First Commercial Holographic Data Storage Products
InPhase Technologies, the leader in holographic data storage development, today announced that it has closed on the final $8.7 million to complete its second round funding of $15 million. New Venture Partners LLC led the round with additional investments from existing investors Hitachi Maxell Ltd. and Signal Lake, which led Round A. New investors include ALPS Information Technology Fund LP, a core member of the ALPS Electric North America, Inc. affiliated group and indirectly owned by ALPS Electric Co. Ltd., a leading Japanese electronic components developer. Additional investors are Yasuda Enterprise Development Co., one of Japan's leading technology venture capital firms, Japan Asia Investment Co., Japan's largest independent venture capital firm, and Mr. B.J. Cassin, a founding investor of numerous technology startups. The new funds will be used to further the commercialization of the world's first holographic data storage system, Tapestry(TM) HDS-200R. The initial drive will hold 200 gigabytes of data with a transfer rate of 20 megabytes per second. The recently announced Tapestry HDS5000 media, which is photosensitive to blue laser wavelengths, together with the Tapestry HDS-200R drive provides customers with access to huge amounts of data on a single disc. For example, a single disc can hold 200,000 photos, 20,000 x-rays, 1,500 hours of audio or 14 hours of high definition video, which is 40 times more than a current DVD. "With the completion of our second round of funding, the stage is now set for InPhase to deliver the first holographic data storage media and drives to the market," said Nelson Diaz, president and CEO of InPhase Technologies. "We believe we have the right combination of strategic and financial partners to execute the plan that brings this revolutionary data storage technology to market." New Venture Partners LLC, which was founded in 1997 as Lucent Technologies' New Ventures Group, led the round. New Venture Partners has created and financed a succession of companies built upon Bell Labs technologies. "InPhase continues to make astonishing progress, and has positioned itself as a major player in the next generation of storage," said Steve Socolof, managing partner of New Venture Partners LLC. "The company continues to win key government contracts, and has added to its already impressive roster of strategic development partners. We feel that the essential building blocks are in place for InPhase to make a strong market introduction of the first holographic data storage products." Bart Stuck, managing director of Signal Lake Venture Fund, stated that "Signal Lake's position as the largest single private equity investor in InPhase demonstrates our continued commitment to the commercialization of holographic storage, in which we see huge market potential." "The opportunity to invest in a market-changing technology is rare and we believe that the InPhase team is well-suited to the task of introducing the first holographic data storage products on the market," said Seiichiro Shimura, chief investment officer of Yasuda Enterprise Development Co., Ltd.
"InPhase Technologies is a true innovator in optical storage and they have demonstrated a clear understanding of both core markets and vertical markets for their initial product," said Toyoji Tatsuoka, president and CEO of JAIC. "We view InPhase as a strong player in the market for next-generation recording devices, and believe that their technology can influence many markets." Mr. B.J Cassin, who serves on the board of directors of PDF Solutions, Inc., two private companies, and Cerus Corporation where he is the Chairman of the Board, is well known as the financial founder of a number of public companies, including data storage companies Maxtor and Quantum. In addition, Mr. Cassin has invested in 16 companies in the biomedical, telecommunications, and services sectors. About New Venture Partners
New Venture Partners LLC is a seed and early-stage venture capital firm with a proven history of creating communications and information technology startups that leverage institutional innovations. It has unique expertise in identifying promising technologies within corporate R & D laboratories, and in driving the creation, capitalization and growth of independent ventures founded on these assets. For more information, visit www.nvpllc.com . About Hitachi Maxell, Ltd. Since its foundation in 1960, Hitachi Maxell, Ltd. (TSE: 6810), based in Tokyo, Japan, has led the electronics industry at home and abroad in the fields of memory and mobility. Hitachi Maxell, Ltd. is a leading manufacturer of information storage media products including computer tapes, broadcasting video tapes, optical disks, floppy disks and memory cards, audio and video products including mini discs, audiocassettes and videocassettes, and battery products including lithium ion rechargeable batteries, micro batteries and dry cell batteries. For more information, visit www.maxell.com . About Signal Lake Venture Fund
Signal Lake Venture Fund's mission is to generate significant capital growth through early stage investments in the broadband telecom and networking infrastructure being built for the global economy over the next several decades. Signal Lake intends to fill the funding gap between angel funding and major venture capital firms by investing $1M-$10M in early stage telecom and network infrastructure companies with significant technical capabilities and intellectual property capable of addressing large markets. For more information, visit www.signallake.com . About ALPS Electric
ALPS Electric Co. Ltd. is a Japanese corporation that has manufactured various electronic components since its foundation in 1948. Based on innovative proprietary technology and market outlook, the Company provides cutting-edge electronic components that contribute to the advancement of a multimedia society in four key areas, namely, Magnetic Devices, Communication Devices, Peripheral Products, Mechatronic Devices and Automotive Electronics. ALPS globally operates through affiliates in Japan, America, Europe and countries around Asia. ALPS global activities strive to create partnerships with customers, countries and regions throughout the world. In addition, ALPS group has over 80 companies including mobile electronics manufacturer ALPINE Electronics and ALPS Logistics, a specialized electronic component distribution company. For more information, visit www.alps.com . About Yasuda Enterprise Development Co., Ltd.
Yasuda Enterprise Development is a leading Japanese venture capital firm based in Tokyo, with sub-offices in Osaka, Palo Alto in California, USA, and Taipei in the ROC. Managed capital of JPY 40,000M (approx. US$350M) is in insurance firms, commercial banks and corporate investors. The firm invests in the early and expansion stages of information and communication technology, electronics devices, and life science sectors in Asia, Europe, and the United States. Yasuda Enterprise Development has achieved over 200 exits of portfolio companies through IPO in the Japanese OTC market, NASDAQ, OTC market in Taiwan, other stock exchanges, as well as M&A. For more information, visit www.yedvc.co.jp . About Japan Asia Investment Co., Ltd.
Japan Asia Investment Co., Ltd. (JAIC) is Japan's largest independent venture capital company. JAIC has invested in over 1,000 companies with funds totaling more than $1.7 billion since its establishment in 1981. JAIC helps unlisted venture companies with high growth potential to procure capital and contributes to their growth and improvement of corporate value by offering information and supporting IPOs and providing consultation, along with M&A and MBO proposals. JAIC is continuing to work toward its objective of becoming a distinctive financial group, with venture capital operations as its core business and aims for mutual prosperity among shareholders, fund investors and invested companies. For more information, visit www.jaic-vc.co.jp . About B.J. Cassin
Mr. Cassin is the Chairman and President of the Cassin Educational Initiative Foundation, which he founded in August of 2000. In 1969, Mr. Cassin co-founded Xidex Corporation, which achieved Fortune 500 status in 1987 with sales of $752 million and 7,000 employees worldwide. In 1979, Mr. Cassin left active management with Xidex and became a venture capital investor. About InPhase Technologies
InPhase Technologies is the leading developer of holographic data storage (HDS) recording media and systems. Based in Longmont, Colorado, InPhase was founded in 2000, as a Lucent Technologies (NYSE: LU) venture, and is comprised of some of the storage industry's leading executives, scientists and engineers. InPhase is backed by venture capital investors including New Venture Partners LLC, Signal Lake Ventures, Madison Dearborn Partners, Newton Technology Partners, Yasuda Enterprise Development, Japan Asia Investment Company, and Mr. B.J. Cassin. Corporate investors include Hitachi Maxell, Ltd., Imation Corp. (NYSE: IMN), and ALPS Information Technology Fund. For more information on InPhase, please visit the company's Web site at www.inphase-tech.com . EDITOR'S NOTE: For a color photograph of Nelson Diaz, InPhase president and CEO, or the InPhase Tapestry media, please contact Chris Pfaff at 201-218-0262 or email@example.com .