MEMGen nets additional $5.7 million

July 15, 2002 — MEMGen Corp., a Burbank, Calif.-based developer of microdevice manufacturing technology, announced it has closed on $5.7 million in Series A1 financing, an extension to its first round of venture capital.

Partech International led the investment. Also participating were original investors DynaFund Ventures, Draper Fisher Jurvetson, Chevron Technology Ventures LLC, Zone Ventures, Atherton Venture Partners LLC, Venture Law Group and Riordan & McKinzie, as well as McDonnell 1998 Co-investing, a DynaFund limited partner.

The company initially closed on over $11 million in Series A financing in Feb., 2001 and secured a $1.5 equipment lease line of credit from Pentech Financial Services in July 2001. Terms of the current Series A1 investment are “more or less” identical to the original Series A round, said Adam Cohen, MEMGen president and chief executive, with the exception of a higher price. Cohen said that Partech “brought us European connections we consider to be valuable.”

Cohen said current funding is being used to accelerate development of the company’s core EFAB technology and that he does not anticipate another funding round anytime soon. MEMGen’s EFAB platform integrates 3-D CAD with MEMS manufacturing processes. The company says its system can provide mass production capability without a clean room.


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