Akustica closes first-round financing

Oct. 17, 2002 — Akustica Inc., a Pittsburgh-based developer of acoustic system-on-chip components for wireless and consumer electronics products, announced $2.25 million in first-round financing, according to Jim Rock, the company’s president and chief executive.


The round was led by Chamberlain Investments, a new venture investing firm formed by Glen Meakem, co-founder of FreeMarkets.com who has taken a seat on Akustica’s board. Chamberlain invested $1.25 million, in addition to $1 million of angel funding that was converted from debt to equity with the current round, according to Rock.


The company will use the current financing to launch products. “We’re smack dab in the middle of product development,” Rock said, adding that Akustica intends to begin sampling products within the next two months.


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