Feb. 4, 2004 -- Kionix Inc. (News, Web), an Ithaca, N.Y. provider of MEMS products, brought on a slew of new investors to close a $28.5 million second funding round, according to Greg Galvin, president and chief executive.
New investor Lurie Investments led the round and was accompanied by additional new investors Advantage Capital Partners, Allen & Company Inc., Enhanced Capital Partners LLC, Gefinor Ventures, Onondaga Venture Capital Fund LLC, Rand Capital SBIC LP, Tompkins Trustco Inc. and additional private investors.
Existing investors Cayuga Venture Fund, CMI International Investment Corp., Integrated Acquisition and Development Corp., Rocktech Inc. and others also participated.
Kionix will use the funds for sales, marketing and product development. The company is focused on the automotive and consumer electronics markets as well as microfluidics.
The company previously raised a $22 million first round, according to Galvin, when it was recapitalized as the second Kionix Inc. in 2000. At that time, the company's first incarnation was sold to Calient Networks Inc. along with its optical component business. Rights to the company's accelerometer, microfluidics and data storage technologies, as well as to the Kionix name, were granted to the second Kionix before the Calient sale.
Galvin said the current round is intended to carry the 55-person company to profitability by the end of the year.