Agilent Technologies' venture unit invests in MEMX's Series B round of funding
PALO ALTO, Calif., Feb. 11, 2003
Agilent Technologies Inc. (NYSE: A) today announced that Agilent Ventures (AV) has participated in the Series B Preferred Stock funding round for MEMX Inc., a privately held company that designs and commercializes MEMS-based solutions for communications and medical industries.
The AV investment was part of a Series B preferred round of funding, led by Austin Ventures and Sequoia Capital, which raised more than $8 million in equity. Founded in 2000 as a spin-off from Sandia National Laboratories, MEMX develops products based on the SUMMiT V MEMS (micro electro-mechanical systems)technology.
"Agilent Ventures' investment in MEMX is a good example of Agilent's continuing effort to invest in and partner with early-stage technology companies focused on developing innovative technologies, despite the current market condition," said Maximilian Schroeck, managing director for AV. "Both teams have already identified a number of potential areas for technical collaboration, and have commenced work toward building a mutually beneficial relationship."
"We are delighted to have gained a strategic investment partner with broad expertise from communication technologies to life science," said Mike Hodges, president and CEO of MEMX. "We look forward to working with Agilent, given their track record of converting great technology into successful commercial products."
MEMX is an early-stage start up company with operations in Sunnyvale, California and Albuquerque, New Mexico. Core members of the MEMX technical team have worked together for over a decade developing innovative MEMS technologies, including the SUMMiT V technology, the world's only five-level surface micromachine technology. Additional information about MEMX can be found at www.memx.com, or contact Mike Hodges at firstname.lastname@example.org.
About Agilent Ventures
Agilent Ventures is a business unit of Agilent Technologies Inc. dedicated to investing globally in groundbreaking, privately held, early-stage technology companies. Additional information about Agilent Ventures, as well as investment proposal forms, are available at www.agilentventures.com.
About Agilent Technologies
Agilent Technologies Inc. (NYSE: A) is a global technology leader in communications, electronics and life sciences. The company's 35,000 employees serve customers in more than 110 countries. Agilent had net revenue of $6 billion in fiscal year 2002. Information about Agilent is available on the Web at www.agilent.com.
This news release contains forward-looking statements (including, without limitation, statements relating to the ability of MEMX to expand its product line to include devices of interest to Agilent and the potential for Agilent and MEMX to identify areas for technical collaboration and to work together) that involve risks and uncertainties that could cause results to differ materially from management's current expectations. These risks are detailed in reports filed with the Securities and Exchange Commission, including Agilent's Annual Report on Form 10-K filed Dec. 20, 2002; and Current Report on Form 8-K filed on Jan. 24, 2003.
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