Symmorphix Lands $13 Million
A syndicate of leading venture capital firms, led by Dominion Capital Management and including GATX Ventures and Third Coast Capital, will supply the new funds. "We're very pleased to be involved with Symmorphix," said Renee Baker, Dominion Ventures' Managing Director. "Very few new ventures combine such a highly-experienced management team with the key technical personnel required to address the requirements of this challenging and rapidly expanding market for innovative optical components." With this new source of funds Symmorphix will purchase manufacturing equipment and develop facilities. These funds will allow Symmorphix to devote its original equity to activities such as product development and marketing.
"This funding will serve as a crucial complement to our venture capital," noted Bob Conner, president and CEO of Symmorphix. "By enabling us to develop the facilities and obtain the equipment that we need, it will allow us to move rapidly accelerate significantly our product development and production plans." Symmorphix initially received approximately $25 million from Battery Ventures and Crescendo Partners in its first round of venture capital financing last November.