January 16, 2004 – PsiloQuest, Orlando, FL, a manufacturer of polishing pads used in chemical mechanical planarization (CMP) processes, has closed a $7.0 million round of Series B funding.
The round was led by NGen Partners and new investors DuPont, Air Products and Chemicals, and Cycad Group. Existing investors that contributed were Aurora Funds, Grace Venture Partners, and Greyhound Fund LP.
Proceeds will be used for expanding manufacturing capacity and building up sales and marketing infrastructure. The company’s technology, launched in 2Q03, aims to reduce slurry consumption by up to 30%. It expects to announce its first customers in 1Q04.