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Palo Alto, California – February 11, 2003:
Agilent Technologies Inc.
today announced that Agilent Ventures (AV) has
participated in the Series B Preferred Stock funding round for
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,
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,"
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.
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