Energy Company Joins with Four Other Investors As Company Prepares Launch
Maynard, Mass., October 4, 2006 – SiCortex, the first company to engineer a cluster computer from the silicon up, announced today that it has closed a $21 million round of funding, led by Chevron Technology Ventures through its venture capital arm, CTTV Investments LLC. SiCortex will unveil its ultra low power approach to high performance computing (HPC) at the Supercomputing ‘06 show on November 13. The funding will go toward expansion of sales and marketing efforts and continued product development.
“Heat is the limiting factor in reliability and performance among computing systems climbing the list at www.top500.org,” said Bob Metcalfe, SiCortex chairman, Polaris partner, and Ethernet inventor. “SiCortex begins with orders of magnitude lower heat per 64-bit processor and aims to make teraflop performance ubiquitous.” The company has now raised a total of $42 million in two rounds of funding. All four of the first-round investors participated in the second round: Polaris Venture Partners, which led the first round, Flagship Ventures, JK&B Capital, and Prism Venture Partners.
“The oil and gas industry has always been an early and aggressive adopter of high performance computers,” said Bill Seifert, Managing Partner, Prism Venture Partners. “Chevron Technology Ventures’ participation in this funding round reinforces our belief that high performance computing users need a solution to the heat and power issues limiting their ability to scale up their HPC systems.”
“We are energized by the investment from Chevron Technology Ventures,” said John Mucci, SiCortex CEO. “Chevron has a long history of HPC as a core competency. Their significant investment in SiCortex along with our existing investors is a huge vote of confidence in our strategy as we prepare to enter the market.”
SiCortex is a new computer company based in the Boston area, with a mission to design, build, and market next generation Linux clusters for demanding technical applications. The company was founded in 2003 by a respected team of computer industry veterans. http://www.sicortex.com
About Chevron Technology Ventures
Chevron Technology Ventures identifies and invests in new technologies and business opportunities that can create value, clear competitive advantage and superior financial returns for Chevron.
About Flagship Ventures
Flagship Ventures is an early-stage venture capital firm focused on creating, financing, and building companies in the Life Science and High Technology sectors. Flagship’s team of twenty professionals is among the most experienced in the industry and represents a balance of venture capital, corporate executive, and entrepreneurship expertise. Its principals were involved as founders and investors in nearly 100 firms including: AltaVista, Anesta, Antigenics, Aspect Medical Systems, Astral Point Communications, Celera Genomics, Color Kinetics, Cytyc, DataSage, Exact Sciences, PerSeptive Biosystems, Telecorp PCS and TripAdvisor. Headquartered in Cambridge, MA, Flagship Ventures was founded in 1999 and manages $700 million in capital. For more information, visit www.flagshipventures.com.
About JK&B Capital
JK&B Capital is a venture capital firm based in Chicago with $900 million under management. The firm was founded in 1996 with the belief that in addition to capital and financial savvy, successful venture investing requires unique relationships and in-depth industry and technical expertise in order to identify the most attractive investment opportunities and consistently add value to portfolio companies. The JK&B team combines experienced venture capital investors with telecommunications and information technology industry experts who possess in-depth technical expertise. Additional information on JK&B Capital can be found at www.jkbcapital.com.
About Polaris Venture Partners
With over $2 billion under management, Polaris Venture Partners is a partnership of experienced venture capital investors and technology executives who help entrepreneurs build market-leading companies in information technology and life sciences. Polaris-backed companies include: Advanced Inhalation Research (AIR™); Akamai Technologies, Inc. (NASDAQ: AKAM); Allaire Corporation; Aspect Medical Systems (NASDAQ: ASPM); Centra Software (NASDAQ: CTRA); deCODE genetics (NASDAQ: DCGN). The company has offices in Boston and Seattle. More information about Polaris Venture Partners is available at www.polarisventures.com.
About Prism Venture Partners
Prism Venture Partners, Westwood, MA, is a leading venture capital firm with early-stage investments in communications, business infrastructure software and systems and life sciences. With over $1 billion in capital under management, Prism has earned industry recognition through the firm’s depth of entrepreneurial experience and active role with portfolio companies. Prism’s access to an established pool of seasoned entrepreneurs and skilled executives, collaborative approach to working with portfolio companies and integrated network of investors contribute to the firm’s investment success. Additional information on Prism Venture Partners can be found at www.prismventure.com.