The 19 April 2002 version of Jennifer Darwinís Technology Beat column in the Houston Business Journal includes this brief item:
The original investors in Molecular Electronics Corp. (MEC) have pumped additional money into the Houston-based nanotechnology company.
Company officials made that announcement two weeks ago, but did not disclose who the angel investors are, nor how much they provided in bridge financing.
This same group of investors put up $7.65 million to help launch the company in 1999. Since that time, Molecular Electronics also has received $23 million in funding directed toward its research work.
The company was created by five scientists, including Jim Tour and Mark Reed. The firm's research and development in nanometer-scale electronics creates the potential for constructing electronic devices and information processing capabilities that are far less expensive, consume less power and are thousands of times smaller per device than existing technologies.
Timothy Belton, Molecular Electronics' president and chief development officer, says the proceeds will be used to strengthen industry relationships that will help with development of the company's devices.