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MEMS Optical, Inc. Secures $18M Series A Funding

Huntsville, Alabama – July 10, 2001: MEMS Optical, Inc., a leading designer and manufacturer of microlenses, microlens arrays, and microelectromechanical systems (MEMS) for numerous top tier optical original equipment manufacturers (OEMs), announced today that it has secured an $18 million equity investment from a syndicate of investors. Summit Accelerator Fund and Vanguard Ventures co-led the Series A round, whose participants also include Dynafund Ventures and Teledyne Technologies Incorporated. MEMS Optical will use the funds to increase its manufacturing infrastructure and expand into new vertical markets.

		"We are excited to contribute to the ongoing success of this supplier of critical optical components," said Kip Sheeline, General Partner of Summit Accelerator Fund. "MEMS Optical, which has already generated impressive top line growth and bottom-line results, is poised to become a dominant supplier of MEMS-based optics and micromachines." MEMS Optical, Inc. designs and produces a variety of micro-optics and opto-mechanical components, including precision refractive and diffractive optics, long-reach micro-actuators, and miniature tilt mirrors. MEMS Optical sells its products and services into several high-growth vertical sectors, including optical communications, optical storage, and semiconductor capital equipment. The company has an extensive portfolio of issued patents and is the sole source supplier of certain micro-optic components to numerous top tier optical OEMs.

"This infusion of capital positions us to leverage our proprietary MEMS and micro-optics process expertise and patent portfolio, and dramatically ramp our foundry's production volume," said John Shih, MEMS Optical's Chairman and CEO.

"The extremely broad set of vertical applications for MEMS Optical's micro-optics and MEMS manufacturing capabilities is particularly attractive to us," said Don Wood, General Partner of Vanguard Ventures. "Virtually anyone who needs a small, high performance lens stands to benefit from the company's unique technologies."

"We are pleased to have this opportunity to expand Teledyne's relationship with MEMS Optical," said Robert Mehrabian, Chairman, President and CEO of Teledyne Technologies Incorporated. "Teledyne believes that MEMS Optical's ability to manufacture precision micro-optic devices and the economies of scale provided by wafer scale production will open significant new opportunities in several attractive markets including optical communications."

Sheeline and Wood have joined the company's Board of Directors. The company's current directors are Shih and Rod Clark, President of MEMS Optical.


Full Press Release

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