Jan. 27, 2003 – Santa Clara, CA – Applied Materials Ventures, a venture capital partnership that focuses on early stage communications companies, has invested in Grandis’ $3 million Series A financing round, together with Sevin Rosen Funds and Incubic.
Based in Silicon Valley, Grandis is developing new electronic devices. All three investors will have seats on Grandis’ board of directors.
“We’re being very aggressive in our efforts to identify the next generation of great companies in the communications market,” said Julien Nguyen, a general partner at Applied Materials Ventures. “While the sluggish economy has made the venture capital community extremely cautious, we think this is a great time to invest in early-stage companies pursuing fundamental technology leadership. Many of the most successful and enduring technology companies got their start during down markets. Grandis has the potential to do the same.”
The investment closed in December 2002.