Agilent Invests in MEMX

Agilent Technologies' venture unit invests in MEMX's $8M Series B round of funding to develop MEMS-based solutions

February 12, 2003

1 Min Read

PALO ALTO, Calif. -- Agilent Technologies Inc. (NYSE:A) today announced that Agilent Ventures (AV) has participated in the Series B Preferred Stock funding round for MEMX Inc., 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, led by Austin Ventures and Sequoia Capital, 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," said Mike 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." Agilent Technologies Inc.

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