Luminescent adds $9M financing, swaps CEO

June 14, 2007 – Luminescent Technologies Inc. says it has raised $9 million in a new round of financing, led by new investor Adams Capital Management along with existing investor Sevin Rosen Funds. The funds will be used to continue driving adoption of the company’s inverse lithography technology (ILT), which it is touting as an alternative to optical proximity correction (OPC), offering better pattern fidelity and broader lithography process windows.

With the new financing in place, CEO David Fried is stepping down, to be replaced by EVP of products Moris Kori, whom Fried recruited from Applied Materials where he held several leadership positions, including VP and GM of the company’s mask lithography and inspection product groups; VP/GM of metal interconnect and liner/barrier product groups; and chief marketing officer for metal deposition and etch product groups.

“Dave has accomplished what he set out to do: he led the company to a successful product introduction, secured financing from a strong outside investor, and brought in a new CEO who will further establish ILT as the winning patterning solution,” said John Oxaal, general partner at Sevin Rosen Funds, in a statement.

At this year’s SPIE Advanced Lithography Symposium in February, Luminescent presented full-chip results its customers have been getting for 45nm and 32nm contact layer patterns (140nm pitch and 110nm-100nm pitch, respectively), using its inverse lithography technology (ILT) in 45nm and 32nm development efforts.

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