May 28 2009
Pixelligent Technologies, an emerging leader in developing nanotechnology applications, announced today it has closed on $2 million in new equity financing. Pixelligent is developing ground breaking applications in optical lithography and nanocomposites for the semiconductor and microelectronics markets.
"To raise capital for a development stage company in the current economic environment is a true testament to the tremendous potential and importance of our technology," said Craig Bandes, CEO of Pixelligent Technologies.
The investors include sophisticated local angel investors, a well known west coast-based tech entrepreneur and the company's management team. The proceeds were used for costs related to completing the company's reorganization and will also be used to help fund current development initiatives and government programs going forward.
"We were one of the first to recognize the potential of using nanotechnology in critical optical lithography applications for the semiconductor industry and we are now expanding this technology into other related fields," said Greg Cooper, PhD, President of Pixelligent. "This funding, in combination with the support we have received from federal grant programs, has enabled us to support our world class nanotechnology team and move our technology closer to the market."
About Pixelligent Technologies
Pixelligent Technologies LLC is an award-winning development stage nanotechnology company that is developing unique and patented materials that will improve the performance of integrated circuits, nanocomposite materials, and renewable energy systems. The company was established in 2000 and was named a Maryland Incubator Company of the year in 2006. Pixelligent has been awarded millions of dollars in federal grant funding from the National Institute of Standards and Technology (NIST) under their highly competitive Advanced Technology Program and from the National Science Foundation (NSF) through the Small Business Innovation Research (SBIR) program. The company has a team of 10 leading PhD experts in nanotechnology that have published over 200 peer reviewed papers and articles. Pixelligent is headquartered in the University of Maryland incubator building, where it has four labs and over 4,000 square feet of lab space.