Feb. 3, 2003 — NanoGram Devices Corp., a Fremont, Calif., developer of nanomaterial-based components for medical devices, announced that it has closed on $9.2 million in first round financing, according to President Jason Lemkin. Ken Westrick, former chief executive officer of New Focus Inc., was appointed CEO of NanoGram Devices.
Investors include Venrock Associates, Nth Power Technologies, Bay Partners, Rockport Capital Partners, SBV Venture Partners, Harris & Harris Group and undisclosed individual investors, according to Lemkin, who said the round was oversubscribed and that the original goal was to raise approximately $8 million.
NanoGram Devices Corp. licenses nanomaterial technology from NanoGram Corp. for medical devices and related energy storage and biomedical applications. NanoGram Devices is developing implantable power sources for use in cardiac therapy devices such defibrillators and pacemakers. Lemkin said the power source technology has been in development for three years and that the company is working with a leading medical device company.
Lemkin does not anticipate raising another round of funding and said the current investment will carry NanoGram Devices to profitability.