IMT raises $17 million

Jan. 26, 2005 — Innovative Micro Technology (IMT), a MEMS manufacturer, announced it raised $17 million in institutional venture capital. The round was led by Investor Growth Capital Ltd. BA Venture Partners and Miramar Venture Partners also participated. WR Hambrecht + Co. acted as financial advisor to IMT.

IMT will use the investment to expand its facilities and tool set as it ramps into production on multiple customer programs, according to a company release. It will also direct funds toward the expansion of its sales and marketing efforts.

In conjunction with the financing, Jose Suarez from Investor Growth Capital and Eric Sigler from BA Venture Partners will join IMT’s board of directors. Also joining IMT’s board will be Barry Waite, former president and CEO of Chartered Semiconductor.


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