March 3, 2010
Shocking Raises $8M in Series B–1 Round
San Jose, CA – March 3, 2010 –Shocking Technologies, Inc., an embedded ESD solutions company, is pleased to announce it has closed an $8M B–1 round led by Vista Ventures. The B–1 round included participation from existing institutional shareholders Arch Ventures, ATA ventures, Balch Hill Capital and Vista Ventures as well as SkyLake Incuvest & Co. of Korea.
“We are very fortunate to have the support of our existing investors as Shocking brings its product to market. The addition of SkyLake to our team will be instrumental in accelerating the strong interest we have seen in the Korean market. We are honored to be able to work with Dr. Daeje Chin and his team; their experience and guidance on how to quickly gain acceptance in Korea will surely accelerate our plans,” said Lex Kosowsky, President and CEO of Shocking.
“Shocking’s ability to quickly adapt their technology to different products has been nothing short of remarkable. The company has been able to demonstrate successful implementations in cell phones, flash drives and even LED’s,” said Jim Hogan, Managing Partner of Vista Ventures. “Projects are now underway in Semiconductor packaging and other handheld consumer devices. With the addition of SkyLake and their first hand knowledge of some of the world’s largest consumer electronics manufacturers the opportunity for Shocking is enormous.”
Dr. Daeje Chin said: “We are very excited to be working with Shocking. I was immediately struck by the fact that the company has developed a solution for a known problem in electronic industries. Shocking’s ability to not just provide another product but to model and solve the ESD problem is key. It will allow not only better protection but fewer design re–spins in everything from semiconductor devices to consumer electronics. I know first–hand from my experience as CEO of Samsung Semiconductor that each re–spin costs valuable time to market and equates to millions of dollars. Shocking’s ability to protect the whole product and predict the results is a huge step forward. We look forward to helping speed adoption in Korea.”
About Shocking Technologies
Shocking Technologies, Inc. is a privately held, venture–backed company developing “Voltage Switchable Dielectric™ (VSD™) materials and providing a total ESD solution. For more information, visit www.shockingtech.com.
http://www.shockingtechnologies.com/press_releases.asp?press_release=24
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