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The round was led by new investor Tyco Electronics, with participation from current investor American River Ventures. PlanarMag has also established a credit facility with Five Star Bank.
PlanarMag will use the proceeds from this investment to expand its operations, engineering and applications support structure as PlanarMag begins production shipments to leading networking OEMs and ODMs later this year.
PlanarMag's innovative planar magnetic components significantly improve the performance, quality, and reliability of electromagnetic components using proprietary designs and materials, while leveraging the precision photolithography, automated batch processes, and inline testing commonly used to produce printed circuit boards. PlanarMag's products performance exceeds the limitations of hand wound devices, enabling advancements in wired and wireless applications while accelerating time to market for our customers.
"We are pleased to welcome Tyco Electronics as an investor in PlanarMag. Completion of a financing with a new investor in this economic climate is validation of the value of PlanarMag's proprietary technology," said Lee Harrison, PlanarMag's CEO. "This funding will allow us to bring our first products to market by the end of 2009."
"Innovation is at the heart of everything we do at Tyco Electronics - and PlanarMag's technology has the potential to dramatically advance the performance of electromagnetic components," said Terry Mosbaugh, Global Product Director-Magnetics at Tyco Electronics. "We look forward to working with PlanarMag on a number of applications that will deliver an advantage to our customers."
"When we provided seed financing to form PlanarMag eighteen months ago we believed that PlanarMag had the potential to revolutionize the electromagnetic components industry," said Harry Laswell, Managing Director of American River Ventures and Chairman of PlanarMag. "Tyco Electronics support will assist us in achieving that vision."
ABOUT TYCO ELECTRONICS
Tyco Electronics Ltd. is a leading global provider of engineered electronic components, network solutions, undersea telecommunication systems and specialty products, with fiscal 2008 sales of US$14.8* billion to customers in more than 150 countries. Tyco Electronics designs, manufactures and markets products for customers in a broad array of industries including automotive; data communication systems and consumer electronics; telecommunications; aerospace, defense and marine; medical; and alternative energy and lighting. With approximately 7,000 engineers and worldwide manufacturing, sales and customer service capabilities, Tyco Electronics' commitment is their customers' advantage. More information on Tyco Electronics can be found at http://www.tycoelectronics.com/. (*Includes revenue from the company's former Wireless Systems segment, which will be reported as a discontinued operation beginning in the fiscal third quarter of 2009.)
ABOUT AMERICAN RIVER VENTURES
American River Ventures is a Sacramento, Calif. based early-stage venture capital firm that focuses on emerging companies that provide a platform for a sustainable future through energy efficiency, energy intelligence and advanced materials. For more information, visit www.arventures.com.
ABOUT PLANARMAG
PlanarMag, Inc. is a leading developer of innovative planar electromagnetic components for the computer, data networking, and telecommunications industries. Based in West Sacramento, Calif., PlanarMag applies advanced design, simulation, and process technology to develop innovative planar electromagnetic components with superior performance, quality, and reliability. PlanarMag is a privately held company founded in 2008, and is backed by American Rivers Ventures and Tyco Electronics. For more information, visit www.PlanarMag.com.
PlanarMag is a trademark of PlanarMag, Inc. All other trademarks are the property of their respective owners.
SOURCE PlanarMag, Inc.
http://www.planarmag.com
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