News Article
Microfabrica secures $8 million funding in strategic round
Microfabrica Inc. has closed $8 million in Series C strategic financing led by venture capital firm Draper Fisher Jurvetson (DFJ).
Microfabrica Inc. has closed $8 million in Series C strategic financing led by venture capital firm Draper Fisher Jurvetson (DFJ).
Microfabrica's strategic partners participated in the round in addition to DFJ and other previous investors of the company, including DynaFund Ventures, Partech International, ChevronTexaco Venture Equities, Zone Ventures and Atherton Venture Partners.
The funds will be used primarily to expand Microfabrica's fabrication facility in Van Nuys, California, and to increase manufacturing capacity as the company moves additional customer programs into volume production.
"Microfabrica has been gaining tremendous momentum with its customers recently and building strong strategic partnerships in its key markets. These customers are now moving into volume production, and want to secure production capacity to support their needs. The investment will help build that additional capacity, paving the way for strong revenue growth in 2007 and beyond," said Warren Packard, Managing Director at Draper Fisher Jurvetson. "I believe the company's breakthrough micro-fabrication process brings strategic competitive advantages to a broad range of applications. This is only the beginning of an exciting time for Microfabrica as the company starts reaping the benefits of their innovations and hard work."
"This investment from our strategic partners and the existing investors demonstrates their continued confidence in Microfabrica and is testimony to the strength of our technology and market strategy," said Vacit Arat, President and CEO of Microfabrica Inc. "We look forward to executing on the expansion of production capacity and responding to the pent-up customer demand for our products."
Microfabrica's strategic partners participated in the round in addition to DFJ and other previous investors of the company, including DynaFund Ventures, Partech International, ChevronTexaco Venture Equities, Zone Ventures and Atherton Venture Partners.
The funds will be used primarily to expand Microfabrica's fabrication facility in Van Nuys, California, and to increase manufacturing capacity as the company moves additional customer programs into volume production.
"Microfabrica has been gaining tremendous momentum with its customers recently and building strong strategic partnerships in its key markets. These customers are now moving into volume production, and want to secure production capacity to support their needs. The investment will help build that additional capacity, paving the way for strong revenue growth in 2007 and beyond," said Warren Packard, Managing Director at Draper Fisher Jurvetson. "I believe the company's breakthrough micro-fabrication process brings strategic competitive advantages to a broad range of applications. This is only the beginning of an exciting time for Microfabrica as the company starts reaping the benefits of their innovations and hard work."
"This investment from our strategic partners and the existing investors demonstrates their continued confidence in Microfabrica and is testimony to the strength of our technology and market strategy," said Vacit Arat, President and CEO of Microfabrica Inc. "We look forward to executing on the expansion of production capacity and responding to the pent-up customer demand for our products."
