BOULDER, Colo., May 31 -- imaging Technology international (iTi), a supplier of development tools and production systems for the industrial inkjet market, announced today it has completed a series A funding round with Ikonics Corp. of Duluth, Minn., and Denver-based Severance Capital Management.
The Boulder-based company raised more than $1 million in the series A round via the issuance of common stock. In addition, it has issued warrants to purchase up to $1.5 million of common stock at per-share purchase prices equal to or greater than the per-share purchase price for the series A round with expiration between December 2005 and June 2006.
On Friday, iTi named R. Bruce Morgan as CEO. Morgan was formerly president and CEO of Neartek Inc., a Westborough, Mass., storage software developer, and was previously president and CEO of Spatial Technology Inc., a public engineering software company in Boulder. He has been an active board member at iTi since 2001 and succeeds Ross Mills, iTi's Founder, who continues to serve the Company as chairman and CTO. Morgan will remain a board member.
Morgan said, "iTi is well positioned to capitalize on the rapid adoption of digital workflow in previously analog production processes in markets such as low-density electronics, flat panel displays, pharmaceuticals and biotechnology."
In the past two years, the company shifted from consulting services to product sales and integration services for industrial inkjet systems. It said it expects a return to the market in 18 to 24 months, during which it will produce its industrial systems.
The company recently introduced its automated Drop Watcher III, a precision measurement system that measures and analyzes fluids from industrial print heads. It said it will announce a production system in the next few weeks involving photo-quality labels and the printing of electronics and pharmaceuticals on flexible substrates.
For more information, visit: www.imagingtechnology-corp.com