Innovative Micro Technology – Profile
HQ: Santa Barbara, CA
Management: Chairman & CEO is Stanford applied physics PhD John Foster.
Investors: In January 2005, the company closed a $17M Series C led by Investor Growth Capital with BA Venture Partners and Miramar Venture Partners. Also in 2004, the company won a $2.3M award from DARPA. In 2002, L-3 Communications invested $5M.
Business Model: Company competes in nanotechnology sector called micro-electromechanical systems (MEMS). IMT claims to have the largest MEMS facility in the world. Applications, including drug discovery, drug delivery, biomedical implants and cell purifiers, microfluidics, inertial navigation, optical telecommunications, printing, various sensors, night vision, IR emitters, telephone/DSL switching, RF devices, and power management.
Competitors: MEMX, Honeywell MEMS Services, Integrated MicroMachanies, C2V, TRONIC’S Microsystems, Fairchild Semiconductor, Applied MEMS.
Dirt: Is it or is it not the year for nanotechnology? A handful of VCs think that nanotechnology is ripe and are putting their markers down but most are passing. Right now IMT is a small-time player in backwater Santa Barbara. But we like it that VC such as BA Ventures are making their entree into the market with IMT. We also like it that the company posted a press release announcing that the last seeded Piranhas won the Men’s Roller Hockey league championship in a tightly contested match against the team that won last year’s tournament.
IMT’s Roller Hockey Team Had a Cinderella Year