Nanochip secures $1.8 million investment

Oct. 16, 2002 — Nanochip Inc., an Oakland, Calif.-based developer of MEMS-based memory chips, has received a $1.8 million investment from AKN Technology of Penang, Malaysia, according to Gordon Knight, Nanochip’s chief executive officer. The investment will be made in four stages, to be completed by the end of the year.

AKN received a 15 percent equity share in Nanochip, which employs four people and was founded in 1996. The company previously received $1.6 million in funding and is currently in the process of raising another round to take the company into production. Near term goals include a fully functional read-write prototype storage chip.

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