Longmont, CO (May 27, 2005)–InPhase Technologies, the leader in holographic data storage drive and media development, has announced that it has closed a $32.1 million third round of funding. Bayer MaterialScience AG, a market and technology leader in developing polymers for optical data storage, represents both a new strategic investor and development partner for InPhase.
Nanotech Partners Ltd., another new investor, is a leading venture capital firm sponsored by Mitsubishi Corporation that focuses on emerging nanotechnology at the global level. New Venture Partners LLC and existing investors Hitachi Maxell Ltd., ALPS Information Technology Fund LP, Yasuda Enterprise Development Co., and Japan Asia Investment Co. continued their strong financial support of InPhase in its Series C round.
The new funds will be used to complete the commercialization of the world’s first holographic data storage drive and media. The initial product will hold 300 gigabytes (GB) of data with a transfer rate of 20 megabytes (MB) per second. The InPhase Tapestry media and drive provide customers with access to huge amounts of data on a single disk. InPhase is targeting archive needs in commercial markets such as professional video, regulatory compliance, medical imaging, satellite imaging, and scientific applications where the need for long-term, secure and cost-effective archives of massive amounts of digital data is a critical issue
“The recent public demonstration by InPhase of the world’s first commercial holographic drive prototype validated our technical leadership in the holographic data storage market. Now, with the commitment and support of our investors, we have funds to move from technology leadership to commercial leadership,” said Nelson Diaz, president and CEO of InPhase Technologies. “The tremendous interest in the InPhase Tapestry product from the professional video community at the recent National Association of Broadcasters convention was extremely positive and confirmed the insatiable demand for a secure archive solution for digital media assets.”