ST. PAUL, Minn., March 9 /PRNewswire/ -- InnovaLight, a leading innovator
in developing and commercializing nanotechnology-enabled solid-state lighting
solutions, today announced that it has completed its move to St. Paul,
Minnesota from Austin, Texas.
Since being founded in 2002, InnovaLight has assembled a world-class
research and engineering team to develop its process for making light-emitting
silicon nanocrystals. The move to Minnesota is intended to help facilitate
the company's next phase of development. Several factors drove the selection
of the Twin Cities metropolitan area, including the area's prominence in
material and aerosol science, particularly at the University of Minnesota.
InnovaLight intends to recruit approximately twelve talented, motivated
scientists and engineers over the near term, as well as certain other
InnovaLight is funded by several prominent venture capital firms,
including Apax Partners, ARCH Venture Partners, Sevin Rosen Funds, STARTech
and Triton Ventures. The Company also has received substantial federal
research grants from the Department of Energy, Department of Defense and the
National Science Foundation.
InnovaLight's core technology is based on work performed by Dr. Uwe
Kortshagen from the University of Minnesota, a world leader in plasma
engineered nanoparticles; Dr. Brian Korgel from the University of Texas, a
noted expert in nanoscale synthesis and properties; and other notable
scientists and institutions from around the world.
"We look forward to becoming part of the Twin Cities' business community
as we grow InnovaLight," InnovaLight CEO Paul Thurk said. "After an extensive
search for the ideal location to grow our company, we selected Minneapolis-St.
Paul due to its deep technology talent, concentration of relevant industries,
and overall business climate. The St Paul Bioscience Zone in which we chose
to locate has an entrepreneurial critical mass and infrastructure that enables
young companies like ours to thrive."
InnovaLight is an early stage technology company devoted to developing
next-generation lighting based on its novel luminescent silicon nanocrystals.
The unique optoelectronic properties of these quantum dots, coupled with the
innovative device structures they enable, make them singularly qualified to
realize a range of lighting forms and functions. Additional information on
InnovaLight may be found at http://www.innovalight.com .