Wednesday, May 12, 2010

Sand 9 Closes $12.0 Million in Series B Funding

CAMBRIDGE, Mass.--(BUSINESS WIRE)--Sand 9, Inc., a start-up company developing timing oscillator and frequency control technology for the wireless device market, today announced it has closed a $12 million Series B round of financing led by new investor Commonwealth Capital Ventures. Previous investors Flybridge Capital Partners, General Catalyst Partners and Khosla Ventures also participated in the round. The funding will be used to accelerate sales and marketing and expand product manufacturing to volume shipment levels.

As part of the funding, Stephen McCormack, a general partner with Commonwealth Capital Ventures, will join David Aronoff, a general partner at Flybridge Capital Partners, and Hemant Taneja, a general partner at General Catalyst Partners, on the company’s Board of Directors.

Sand 9 is dedicated to the design of components that will dramatically improve the performance and increase the capabilities of electronic devices. The company is introducing a disruptive MEMS technology, the Temperature Compensated MEMS Oscillator (TCMOTM), to replace quartz crystal frequency sources in high performance applications such as 3G cellular, GPS and other communications. The company’s proprietary technology offers significant improvement over existing solutions and aims to dramatically impact the wireless components market.

“Steve had been tracking the company closely for a long time and was very impressed with our progress. His proposal to lead a Series B round was compelling because we knew the investment would allow us to better meet the huge initial customer demand we expect once we launch,” said Sand 9 CEO Vince Graziani. “We are thrilled to welcome Steve and the Commonwealth Capital Ventures team to our investor family and look forward to working with them as we bring our game-changing technology to market later in the year.”

”Commonwealth has been following Sand 9 closely for over two years. Over this time we have become more and more excited about the company’s top-notch team, its disruptive and defensible proprietary technology, and its large market opportunity,” said Commonwealth General Partner Steve McCormack. “We look forward to working with the management team and our strong investment partners to continue to build a market-leading company.”

About Sand 9

Founded in 2007, Sand 9 is based in Cambridge, Mass. with a design center in Chandler, AZ. The company is a venture funded startup, dedicated to the design of components that will dramatically increase the capabilities of electronic devices. Sand 9’s investors include Commonwealth Capital Ventures, Flybridge Capital Partners, General Catalyst, and Khosla Ventures. For more information, visit www.sand9.com.

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