WAKEFIELD, MA, Provider of vacuum robotics and Hybrid-Field Motor Technology for the semiconductor, LED, FPD and solar equipment markets, announced that it has closed a $5.8 million Series B funding round.
Persimmon Technologies Corporation, a provider of vacuum robotics and Hybrid-Field Motor Technology for the semiconductor, LED, FPD and solar equipment markets, announced that it has closed a $5.8 million Series B funding round. Intel Capital and The Bernard M. Gordon Charitable Remainder Trust join Nidec Sankyo as major equity holders in the company. The company also added two industry veterans as individual investors.
Since launching in March of 2011, Persimmon Technologies Corporation has focused on developing next generation vacuum robotics and disruptive Hybrid-Field Motor Technology. The new funding will help Persimmon expand its vacuum robotics product portfolio, invest further in the development of its Hybrid-Field Motor Technology, expand global distribution, and ramp manufacturing operations.
"Intel Capital believes that Persimmon's innovation in precision vacuum robotics and Hybrid-Field Motor technologies represents an opportunity to reduce cost and improve reliability in semiconductor device manufacturing," said Dr. Laura Oliphant, Investment Director of Intel Capital.
Persimmon Technologies has developed next generation vacuum robotics technology that offers advantages over the current state-of-the-art technology. With over 20 patents pending, the advanced vacuum robot technology is innovative in mechanical design, controls technology and advanced software.
Persimmon also is developing disruptive Hybrid-Field electric motor technology that initially was funded with a National Science Foundation (NSF) Small Business Innovation Research (SBIR) Phase I grant in July, 2011. Persimmon was awarded a follow-on NSF Phase II SBIR grant in September, 2012 to further develop the technology. The Hybrid-Field technology replaces the traditional stamped and laminated sheet metal motor stators with spray deposition technology developed in part from Persimmon's experience in semiconductor technology.
"We are excited to add Intel Capital as an investor. Intel Capital's support of Persimmon will accelerate the development of our technology and the growth of our company," said Michael Pippins, President and CEO, Persimmon Technologies. "Also, we are very pleased to add The Gordon Trust as an investor. Bernard Gordon, the founder of Analogic and a renowned technologist, is a strategic addition to our investor base. We intend to benefit from his experience in building significant technology companies."
About Intel Capital
Intel Capital, Intel's global investment and M&A organization, makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software, and services targeting enterprise, mobility, health, consumer Internet, digital media and semiconductor manufacturing. Since 1991, Intel Capital has invested more than US$10.8 billion in over 1,276 companies in 54 countries. In that timeframe, 201 portfolio companies have gone public on various exchanges around the world and 317 were acquired or participated in a merger. In 2012, Intel Capital invested US$352 million in 150 investments with approximately 57 percent of funds invested outside North America. For more information on Intel Capital and its differentiated advantages, visit www.intelcapital.com
or follow @Intelcapital.
About Persimmon Technologies:
Persimmon Technologies, Corporation is a leading provider of vacuum robotics and Hybrid-Field motor technology and for the Semiconductor, Solar, LED, and Flat Panel Display equipment markets. Headquartered in Wakefield, Massachusetts, Persimmon's management team has over 60 years of experience in the development, manufacture, and distribution of robotics and automation systems worldwide. Persimmon Technologies Corporation is also the exclusive Sales Representative for Nidec Sankyo atmospheric robotic products in the USA. Nidec is an $8 billion company traded on the NYSE and Tokyo Stock Exchanges and is one of the largest manufacturers of motors for industrial and consumer applications in the world. Nidec Sankyo is headquartered in Nagano, Japan with robot manufacturing facilities in Japan, Taiwan, and China.
For more information on Persimmon Technology, please visit www.persimmontech.com.
Persimmon Technologies Corporation
Michael W. Pippins, 781-587-0677
President and CEO
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