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Kovio Raises $19.5 Million in First Closing of New Funding Round
SUNNYVALE, Calif., Sept. 4 /PRNewswire/ -- Kovio, Inc., a privately held Silicon Valley company, today announced that it has raised $19.5 million in the first closing of its Series D funding round.
Led by Pinnacle Ventures, a private venture fund focused on early stage companies, the round also includes investments from Bessemer Venture Partners, Duff Ackerman & Goodrich Ventures, DEA Capital, Flagship Ventures, Harris & Harris Group, Jerusalem Venture Partners, Kleiner Perkins Caufield & Byers, NCD Investors and Yasuda Enterprise Development.
Kovio will use the funding to design, develop and commercialize printed electronic products using its proprietary printed silicon electronics technology.
"This investment by Pinnacle Ventures and our previous financial supporters validates our vision for the printed electronics industry," said Amir Mashkoori, CEO and chairman of Kovio. "With the new funds, we will be able to introduce a new semiconductor manufacturing paradigm that conventional silicon cannot match."
"We have a history of managing and financing promising startups across the technology and healthcare sectors," said Ken Pelowski, founder and managing partner of Pinnacle Ventures. "Kovio's unique technology in printed semiconductors combined with its strong management team will result in creating unprecedented products benefiting several large markets."
As the initial investor of Kovio, Kleiner Perkins also recognized the company's potential to deliver the next disruptive innovation, according to Ajit Nazre, partner of Kleiner Perkins Caufield & Byers.
"The Kovio team has come a very long way to make the dream of printed electronics a reality through painstaking scientific and engineering breakthroughs," said Nazre. "The coming year will be a groundbreaking one for the industry as Kovio commercializes its technology."
Kovio Inc., a privately held Silicon Valley company, is developing a new category of semiconductor products using printed silicon electronics and thin film technology. Kovio's approach delivers a unique and compelling value proposition in multiple industries including retail, pharmaceuticals, consumer electronics, transportation, manufacturing and energy.
Pinnacle Ventures is a private venture capital fund focused on providing debt and equity financing to early-stage companies. Pinnacle differentiates itself through the strength and diversity of its team, its creative and flexible financing alternatives and its unique approach to helping its portfolio companies achieve success.
Lori Tokunaga
The Hoffman Agency for Kovio
(408) 975-3053
ltokunaga@hoffman.com
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