imaging Technology international closes Series A funding

MAY 31--imaging Technology international (iTi; Boulder, CO;www.imagingtechnology-corp.com), a supplier of development tools and production systems for the industrial ink-jet market, announced the successful completion of its Series A funding round with IKONICS Corporation (Duluth, MN) and Severance Capital Management (Denver, CO), joining a group of individual and strategic investors that had committed to the round earlier in the year. The company has raised more than $1,000,000 in the Series A round through the issuance of common stock. In addition, the company has issued warrants to purchase up to $1,500,000 of common stock at per share purchase prices equal to or greater than the per share purchase price for the series A round with expiry between December 2005 and June 2006.

The requirement for the funding was based on iTi's rapid growth in the past 24 months that followed the its strategic shift from consulting services to product sales and integration services for industrial ink-jet systems. The company has developed and implemented a strategy that has allowed it to grow by riding on the rapid implementation of ink jet technology in next generation manufacturing systems in fields as diverse as electronics and biotechnology. It will use the proceeds of the funding to continue its growth and ensure it is in the top rank of industrial ink jet technology providers. The company expects to come back to the market in 18--24 months as it ramps up production of its industrial systems.

The company recently introduced the automated Drop Watcher III, a precision measurement system that measures and analyzes both opaque and transparent jet-able fluids from a broad range of industrial print heads. The Drop Watcher III imaging technology eliminates the need for operator intervention, saving significant time over manual drop analysis tools.