Jan. 7, 2003 — Optiva Inc., a South San Francisco-based developer of nanomaterials for display applications, announced a second closing of $21 million to its oversubscribed Series C funding round, bringing the total for the round to $30 million.
Optiva first closed on $9 million in Series C funding in June 2002. At the time, the company said it was seeking a total of $15 million to $20 million.
New investor JPMorgan Partners led the funding. Daehong Corp., DSM Venturing and Eastman Chemical Co. also participated along with existing investors Fidulex Management Inc., Harris & Harris Group, Merifin Capital N.V. and NextGen Partners LLC.
Harris & Harris originally invested $500,000 in the company and added $750,000 with the second closing to make Optiva its largest nanotechnology-related investment. “As far as we’re concerned, the way that the financing has come together, the size of the financing, the participants in the financing, the leadership, the strengthening in the corporate governance … on a scale of one to 10 in terms of our expectations, this is a 10,” said Charles Harris, chief executive of the publicly traded venture capital firm.
Optiva’s first products are intended to make flat panel displays simpler to construct, thinner and more durable, according to the release. The company also announced that Rodney Ferguson and Alan Marty of JPMorgan Partners have joined its board of directors.