Investors commit $3.4 million to Imago
Laptop Battery By Joe Vanden Plas • 04/27/06 Madison, Wis. - Two weeks after solidifying its global market position with a key acquisition, Imago Scientific Instruments Thursday boosted its line of working capital as well. The company announced that it will receive $3.4 million in equity funding from three venture capital sources.
Imago, a provider of atom probe tomography instruments for use in nanotechnology, has completed another round of funding with funding led by Draper Fisher Jurvetson (DFJ), Portage Venture Partners (PVP), and Cipio Partners. The capital formation comes less than two weeks after Imago's acquisition of Oxford nanoScience from the UK-based Polaron plc.
Imago President and CEO Timothy Stultz said the acquisition of ONS strengthened Imago's position as the "dominant company in the global market" for atom probe microscopes. "We now have the largest product line, largest installed base, highest revenues, and a dominant intellectual property position in atom probe technology," he stated.
That status is part of what attracted the investors that participated in the latest round of funding. Warren Packard, board member and managing director of DFJ, cited Imago's proprietary position and rapid growth. "Imago is extremely well positioned to become a large, leading supplier of advanced metrology tools to the microelectronics and materials research industries," Packard said.
Matt McCall, board member and PVP partner, said the combination of the ONS acquisition and increased the working capital from this round of equity funding will accelerate Imago's growth.
More about Imago
Imago acquires synergistic British firm
Imago microscope leads to Northwestern research advance
UW-Madison helps Imago carry out its big vision for seeing small
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