Cymbet™ Secures $16.5 Million in Private Financing
December 21, 2004
Funding to Accelerate Bringing Thin Film Battery Technology to Market
ELK RIVER, Minn. -- Dec. 21, 2004 -- Cymbet™ Corporation today announced that it has successfully completed its second round of private equity financing, raising $16.5 million. The company will use proceeds from this Series B financing round to further develop and market its thin film, solid state energy system. The round was led by The IGNITE Group and Bekaert, and included new investors Dow Venture Capital, Intel Capital, a private placement with individual accredited investors arranged through Miller Johnson Steichen Kinnard (MJSK), as well as existing investors The Millennium Materials Technologies Funds and Helmet Business Mentors Oy.
"Cymbet™ is a leader in developing a true thin film, solid state energy system," said Bill Priesmeyer, CEO of Cymbet. "We have proprietary technology and a unique process to produce simple and competitive thin film batteries that have immediate applications and cost savings. We're pleased to have completed this round of financing and we'd like to thank our new and existing investors, whose funding will help us bring this new type of technology to the marketplace."
Said Tony Cannestra, a Principal at The IGNITE Group, "Innovation in electronics is resulting in increasing demand for a cost effective, solid state, thin film energy system -- given the limitations of today's chemical-based power sources. We believe that Cymbet™ has the technical expertise and unique process -- which will ultimately allow for higher volumes, and meet mass market price pressures and time sensitivities -- to bring thin film technology to market. We're excited to have the opportunity to be involved and help finance the success of this company."
"Intel Capital is investing in battery technology companies, like Cymbet™, to help accelerate development of more powerful and efficient mobile devices," said Dr. Vittal Kini, Director of Intel's Research Platform Lab. "Cymbet's batteries can be designed directly into integrated circuits or into the electronics they power. This innovation can drive down system costs while giving the system designer more design flexibility."
Cymbet™ was founded in 2000 and raised $4.5 million in a Series A financing that allowed it to move its research and development of a thin film, solid state energy system forward. The company is headquartered and conducts its manufacturing in Elk River, Minn., a suburb of Minneapolis, and employs 20 people currently. Management plans to add 10 employees in the next year.
Cymbet™ Corporation (www.cymbet.com) is the first to market a true solid state energy system using a proprietary, patent pending POWER FAB™ low temperature manufacturing process. The company's thin film battery system will enable new concepts in battery application for ICs and new products for medical, sensor, RFID, communications and portable electronic devices. Cymbet™ batteries can be integrated directly within ICs or built into the electronics they power. This enabling technology uniquely combines existing semiconductor production techniques with high energy solid state battery technology to produce a simple, competitive thin film battery and process that has immediate application and payback.
About the Investors:
The IGNITE Group
The IGNITE Group (www.ignitegroup.com) is a Silicon Valley and Tokyo-based venture capital firm focusing on the communications and software segments. The firm provides long-term investment capital and management support to early stage companies. IGNITE draws upon decades of operating experience in high technology businesses plus a strong Asian network of industry contacts and partners to provide entrepreneurs with access to a unique combination of financial backing, technology expertise and business development assistance.
Bekaert (www.bekaert.com), headquartered in Belgium, seeks sustainable profitable growth based on its two core competencies: advanced metal transformation and advanced materials and coatings. Bekaert aims to consolidate its position as both market leader and technological leader around the world. With its broad range of high technology products, systems and services, Bekaert offers high added value for its clientele.
Dow Venture Capital
Dow Venture Capital (www.dowvc.com) provides capital and other developmental resources to start-up companies that meet Dow Venture Capital investment objectives. Dow Venture Capital has committed over $300 million to businesses involved in Life Sciences and Biotechnology, Communications and Information Technology, Electronics, and Materials Science. Dow Venture Capital has investments in venture funds through more than 10 institutional venture capital firms and collaborates globally with an even broader network of venture partners that specialize in our targeted investment areas.
Intel Capital (www.intel.com/capital), Intel's strategic investment program, focuses on making equity investments and acquisitions to grow the Internet economy in support of Intel's strategic interests. Intel Capital invests in hardware, software and services companies in several market segments, including computing, networking, and wireless communications.
Miller Johnson Steichen Kinnard
Miller Johnson Steichen Kinnard, Inc. (MJSK) (www.mjsk.com), is a privately held full-service boutique investment firm providing investment banking, securities brokerage, asset management, and related financial services to individuals and institutions across the country. Through its network of investment executives and investment bankers, MJSK offers its clients a wide range of products and services.
Millennium Materials Technologies Funds
The Millennium Materials Technologies (MMT) funds (www.mmtfund.com) were created to invest in the development and commercialization of novel advanced materials used in high growth industries like micro-electronics, pharmaceuticals, biotechnology, agro/chemicals, polymers and communication materials. Founded in 1998, the MMT funds are among the few exclusive funds dedicated to the unique focus of material science -- an area experiencing exponential growth while fueling industrial and technology advancements in the 21st century.
Helmet Business Mentors Oy
Helmet Business Mentors Oy (www.helmetcapital.fi) is a Finnish private equity investor specializing in ownership arrangements and the development of non-listed growth companies. Helmet manages three venture capital funds. Along with the funds, Helmet's investors include Finnish and foreign private persons, insurance companies and other institutions. The core team of Helmet consists of experienced Finnish business leaders.