Cornice Inc., who’s tiny hard drives were featured at CES 2004 and in our CES wrap-up article, has secured $51 million in a second round of venture financing.
The round includes the Company’s previous investors â€“ CIBC Capital Partners, Nokia Venture Partners and VantagePoint Venture Partners â€“ and brings on board new investors BA Venture Partners and GIC Special Investments Pte. Ltd. As a result of this
second round of financing, Jim Jones, a director at BA Venture Partners, will join the Cornice Board of Directors.
This round of financing brings the total amount invested in the Company to $81 million. The new capital will be used to support sales, development, and manufacturing initiatives related to the company’s Storage Element technology. The Storage Element is an embedded storage device for â€œpocket-ableâ€ electronic products such as digital music players, digital video capture devices, and other products. Cornice’s two-gigabyte Storage Element, introduced in January 2004, has already been designed into products that made their debut at the International Consumer Electronics Show (CES) 2004.
â€œThe participation of our previous investors in this round is an enormous vote of confidence in Cornice’s vision for compact, low-cost storage for electronic devices,â€ said Cornice Secures $51 Million In Venture Funding Page 2 of 3 Kevin Magenis, president and CEO of Cornice. â€œWith the additional financing and very high, sustained interest in the Cornice Storage Element from leading electronic device manufacturers, we are confident that the Company has tapped into a market need that has been unmet for some time.â€
â€œAs active investors, we are proud to have been instrumental in the growth of a company with such innovative technology, solid management, and top-tier customers in the consumer electronics industry,â€ said Melissa Crane-Guzy, managing director at VantagePoint Venture Partners. â€œCornice’s early successes in the MP3 player market have demonstrated that it is well ahead of the curve in terms of providing a storage solution that meets the cost, size, and capacity requirements of â€˜pocket-able’ consumer electronics.â€
â€œThe number of portable electronic consumer devices on the market continues to grow at a phenomenal rate which increases the demand for advanced storage solutions like Cornice’s,â€ said Jim Jones, director of BA Venture Partners. â€œI am excited to join the board of such an exciting company as they address the demands of the large and growing consumer electronics market.â€