CAMBRIDGE, Mass. (October 18, 2004 ) -- A research team that was among the first to receive an Innovation Grant from MIT's Deshpande Center for Technological Innovation has formed a new company, Brontes Technologies, Inc. and raised its first round of financing from three top-tier venture capital firms. Bain Capital Ventures, Charles River Ventures, and IDG Ventures provided the first institutional funding for the company, which is developing a compact, portable, and highly versatile system capable of quantifiable three-dimensional imaging for a multitude of imaging applications.
"3-D technology has traditionally had numerous barriers that greatly limited its use," said Eric Paley, CEO and co-founder of the company. "Brontes Technologies intends to commercialize the innovations achieved during more than three years of research at MIT to break current market barriers with solutions that finally live up to the promise of 3-D imaging." Paley said the company expects to finish development of its system and begin outreach to potential customers in early 2006.
The MIT research team that developed the new technology was led by Professor Douglas Hart, Research Scientist; Dr. Janos Rohaly; and two PhD candidates; Federico Frigerio and Sheng Tan. After the team won the Deshpande Center Innovation Grant in October 2002, it recruited Paley and Micah Rosenbloom to evaluate the project's commercial potential, develop a business plan, and raise capital. The team subsequently tapped other Deshpande Center resources for advice on protection of intellectual property, help with market research and development, and assistance in raising capital.
"Brontes is working with a truly innovative technology that can enable a vast array of potential applications," said Ted Dintersmith, general partner of Charles River Ventures. "The Brontes team combines the mix of business and technical excellence required to define new applications and deliver them rapidly to customers in markets where there is the greatest need."
Charles L. Cooney, faculty director of the Deshpande Center, said "with its fast start, Brontes Technologies has made the leap from research lab to new enterprise in exactly the way we envisioned when the Desphande Center was formed in 2002." Two of the four initial Deshpande Center Innovation Grant winners named in the first round of awards in October 2002 are now venture-backed companies. The other is Pervasis Therapeutics, a medical device technology funded with backing from Polaris Venture Partners and Flagship Ventures.
Brontes Technologies is based on Woburn, Massachusetts. Along with CEO Paley, other co-founders and members of the executive management team are: Micah Rosenbloom, chief operating officer; Professor Hart, inventor; Dr. Rohaly, chief scientist and inventor; and Steve Weeks, vice president of engineering.
The three venture capital firms backing Brontes Technologies are known for their success in backing successful new enterprises delivering valuable new commercial solutions based on research-driven technology breakthroughs. All have their headquarters in the Boston area.
About the MIT Deshpande Center for Technological Innovation
Dedicated to supporting leading-edge research and bridging the gap between the laboratory and the marketplace, the Desphande Center was created in 2002 to serve as a catalyst for innovation and entrepreneurship by supporting the research of MIT faculty and students, and facilitating collaboration among entrepreneurs, venture capitalists, innovative businesses, and MIT faculty. Part of the School of Engineering, the Deshpande Center supports a wide range of emerging technologies including biotechnology, information technology, new materials, tiny tech, and alternative energy development.
About Bain Capital Ventures
Bain Capital Ventures, the venture capital fund of Bain Capital, leverages the institutional advantages and consulting-based approach of Bain Capital to build industry-leading businesses. Focusing on industries such as healthcare, software, information, and technology-driven business services, Boston-based Bain Capital Ventures benefits from the broader resources of Bain Capital, which includes over 160 investment professionals, a network of over 225 portfolio companies, over $20 billion of assets under management, and the knowledge from 20 years of successful venture and healthcare investing. For more information, visit www.baincapitalventures.com.
About Charles River Ventures
Founded in 1970, Charles River Ventures (CRV) is one of the oldest and most successful early-stage venture capital firms, with approximately $1.8 billion under management. CRV is dedicated to helping exceptional entrepreneurs turn their ideas into the next category leaders in the data communications and software and services sectors. Over the past 10 years, CRV funds have been ranked among the industry's top performers. This superior investment record includes leading companies such as Cascade, Chipcom, CIENA, iBasis, Sonus Networks, SpeechWorks International, and Vignette. CRV has offices in Boston, MA and Menlo Park, CA. For more information, visit www.crv.com.
About IDG Ventures
IDG Ventures is a global venture capital firm with approximately $600 million under management and a portfolio of over 100 companies built over the last 10 years. With offices in Boston, London, San Francisco, Seattle, and throughout China and Vietnam, the firm invests in early-stage companies, partnering with entrepreneurs to build category leaders. The firm's limited partner, International Data Group, is the world's largest IT media and research company, publishing over 250 magazines in 85 countries read by more than 100 million people each month and producing over 170 computer-related conferences and trade shows. Through this partnership, IDG Ventures can uniquely add value to its portfolio companies by facilitating revenue acceleration and global expansion and establishing relationships with key strategic partners. For more information, visit www.idgventures.com.