MEMSIC gets $1.9M in ongoing round

Sep. 25, 2002 — MEMSIC Inc., a North Andover, Mass.-based provider of MEMS sensors, announced it has secured $1.9 million from unnamed investors so far in an ongoing third round of funding, according to Dennis Buchenholz, vice president of sales and marketing.

Buchenholz said via e-mail that the company is trying to raise an additional $3 million and that its intent for the third round funding is to “prepare for long term commitments to customers and expand and upgrade manufacturing capability.”

MEMSIC, founded in 1999, previously received $5 million in a first round and $8.25 million in a second round of funding.

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