CLEVELAND, Nov. 30 /PRNewswire/ -- Five Star Technologies said today
that it has closed an investment round of $7.1 million dollars led by
Morgenthaler Ventures. Other investors include CTTV Investments
(ChevronTexaco), Early Stage Partners, Industrial Technology Ventures, and
Reservoir Venture Partners.
Five Star Technologies is a supplier of high-performance inks and
dispersions for use in electronics packaging and assembly operations. Using
its patented Particle Management Technology, Five Star creates precision
products that fill a missing link in the assembly of high-performance
electronic components. Five Star dispersions of conductive, sub-micron and
nanoscale particles offer unparalleled stability and uniformity that helps
customers significantly improve electrical and thermal performance. Citing
this capability, Lux Research recently described Five Star as having the
"top commercial viability" of 136 nanotechnology startups worldwide.
Gerry Weimann, president and CEO of Five Star, said the Company plans
to use the funds to continue development and commercialization of
materials. "Based on the reaction of current and potential customers at
recent industry shows, we believe Five Star can add immediate value to
existing electronics production lines, as well as help make possible the
next generation of high- volume printable electronics that will be found in
displays, RFID tags, and other applications."
According to Greg Blonder, a member of the Five Star board of directors
and a general partner at Morgenthaler Ventures, "Five Star Technologies
represents one of those rare technologies that, after years of incremental
development, seem to come out of nowhere to transform other industries. We
are delighted with the commercial progress the Company is making."
Morgenthaler, CTTV Investments, Early Stage Partners, and Industrial
Technology Ventures invested in the company in previous financings. In this
round, they are joined by Reservoir Venture Partners in Columbus, Ohio.
Curtis Crocker, managing partner of Reservoir stated, "Reservoir chose to
invest in Five Star because of its deeply experienced management team and
the Company's unique technology. We expect this funding to accelerate Five
Star's growth in the electronics market by supporting its customers and
producing dramatic performance improvements of conventional materials. "
About Five Star Technologies
Five Star Technologies is a supplier of high-performance powders and
dispersions for use in semiconductor and microelectronic packaging, display
and ceramic component applications. Using its patented Particle Management
Technology, Five Star creates precision dispersions of a wide range of
materials (metals, oxides, nitrides, carbon fibers, etc.) in various
organic media. Its products exhibit unparalleled rheological stability and
exceptional particle size control, enabling customers to produce materials
with next-generation performance profiles. For more information, please
visit Five Star Technologies' website at www.fivestartech.com.
About Morgenthaler Ventures
Morgenthaler, a leading venture capital and buyout firm
(www.morgenthaler.com), was founded in 1968. The firm focuses on
early-stage technology investments as well as middle-market management
buyouts. It has funded some 200 companies in its 37-year history, including
two of the last decade's highest performing IPOs: Microchip Technology
(1993) and Premisys Communications (1995). Current representative portfolio
investments include such component and materials companies as Lamina
Ceramics, NanoOpto, Peregrine Semiconductor, and Paratek Microwave. With
its $450-million fund raised in 2005, the firm has a total of approximately
$2.5 billion under management.
About CTTV Investments
ChevronTexaco is an integrated, global energy company that operates in
over 180 countries and employs more than 53,000 people worldwide. In
addition to supplying global energy, ChevronTexaco is involved in numerous
advanced clean energy and fuel technologies. ChevronTexaco, through CTTV
Investments, the venture capital arm of Chevron Technology Ventures
(http://technologyventures.chevron.com/), invests in and pursues
commercialization of a broad spectrum of energy related technologies and is
also an active venture capital investor. Commercialization and investment
activities currently include hydrogen systems, advanced batteries, fuel
processing and fuel cell related technologies and the development of
hydrogen infrastructure solutions.
About Industrial Technology Ventures
The Industrial Technology Ventures, L.P.
(http://www.cordovaventures.com/funds/itventures.html ) is a $50 million
Cordova Ventures affiliate fund focused on growth stage capital investments
in companies with strong management teams and proprietary technologies that
create significant bottom-line value within established industries. Cordova
Ventures is a private equity firm with over $300 million under management,
founded in 1989 and headquartered in Atlanta, GA. Cordova Ventures is the
managing member of the General Partner of Industrial Technology Ventures.
About Early Stage Partners
Early Stage Partners LP (http://www.esplp.com/index.html) is an early
stage venture capital fund based in Cleveland, Ohio. The company invests
primarily in promising opportunities in the life sciences, polymers and
advanced materials, information technology and advanced manufacturing. The
company's principals have over ninety years combined experience in early
stage company formation and development, with a significant network of
relationships throughout the United States that can be used to attract
management, develop strategic partnerships, and provide later stage
About Reservoir Venture Partners
Reservoir Venture Partners (http://www.btfventures.com/ ) is a venture
capital firm bringing capital, business building acumen, and a strong
network of advisors to entrepreneurs and their teams. The firm targets
investments in seed and early stage technology companies and is located in
Columbus, Ohio. Reservoir Venture Partners invests in high-potential
companies with strong management teams, a large and growing market,
defensible or proprietary technology and a credible plan for profitability,
maturation and liquidity.
SOURCE Five Star Technologies