NanoMuscle Closes $16 Million C Round
International Investors Vision Capital and Crossbow Ventures Join Volkswagen, AG in Over-Subscribed Round
ANTIOCH, Calif. and WOLFSBURG, Germany and HONG KONG, Oct. 15 -- In a growing trend with technology start-ups, NanoMuscle, a developer and manufacturer of high-technology motors, drew from international capital to close its $16 million C round. Investors in the Company include venture capitalists and strategic partners from Germany, Switzerland, Italy, France, China and North America.
"To be truly competitive, our company needs to have a global presence. Technology innovation is no longer limited to certain sectors of the world," said CEO and co-founder of NanoMuscle, Rod MacGregor. "NanoMuscle has customers around the world, and it was important for us to find synergistic partnerships with investors worldwide to complement our relationships."
"NanoMuscle has received capital from two of Europe's largest automotive manufacturers, the largest toy manufacturer in China, and experienced, talented international venture capitalists in the US and Europe," said Leandro A. Testa, partner at Crossbow Ventures. "It is a great example of how a startup with a great management team, solid and competitive technology can attract capital and be competitive in today's global marketplace."
"Vision Capital is a trans-Atlantic venture capitalist focusing on investment opportunities that address both the US and European markets," said Brendan Richardson, partner at Vision Capital. "With operations in Europe, California, and Asia, NanoMuscle is ideally positioned to exploit the accelerating trend towards globalization."
NanoMuscle miniature motors are a fraction of the weight and size of an equivalent motor. In industries such as automotive and children's toys, NanoMuscle miniature motors reduce overall weight and provide silent movement for electrical and mechanical designers.
Investors in this round include Vision Capital, Crossbow Ventures, FirstHand Capital, Capital Valley Ventures, AutoVision, NetPartners, Greyhound Fund, AFA Private Equity Fund, Schneider Electric and PacRim Ventures.
About NanoMuscle
Founded in 1998, privately held NanoMuscle, Inc. manufactures components that displace small electric motors in high volume markets including the children's toy and automotive industries. The company has been financed by strategic partners around the globe including AutoVision GmbH, a wholly owned subsidiary of Volkswagen, DaimlerChrysler Capital Services, the financial arm of the leading automaker, and Jetta Ltd., the world's largest manufacturer of children's toys. NanoMuscle motors are mass manufactured by ASE, a leader in semiconductor manufacturing services. For more information, please go to http://www.nanomuscle.com/ .
NOTE: NanoMuscle(R) is a registered trademark of NanoMuscle, Inc.
Photo: http://www.newscom.com/cgi-bin/prnh/20030211/SFTU061LOGOAP Archive: http://photoarchive.ap.org/
PRN Photo Desk, +1-888-776-6555 or +1-212-782-2840