Harris & Harris Group, Inc. announced today that it has invested $1,500,000 as part of the $30 million first closing of a convertible preferred financing of privately held Nanosys, Inc. (www.nanosysinc.com). Shareholders of Harris & Harris Group may be interested in reading the Nanosys press release dated April 24, 2003 for more details. This $1,500,000 investment in Nanosys is Harris & Harris Group's largest single investment to date in tiny technology.
Nanosys, Inc. is focused on the development of nanotechnology-enabled systems incorporating novel and patent-protected zero and one-dimensional nanometer-scale materials such as nanowires, nanotubes and nanodots (quantum dots). These systems exploit and utilize the unique electronic, magnetic, optical and integration properties associated with materials having nanometer-scale dimensions. According to Nanosys, "Devices constructed with these systems will revolutionize a broad array of industries from chemical sensing to nanoelectronics to optoelectronics."
ARCH Venture Partners, CW Group, Polaris Venture Partners, Venrock Associates, Prospect Venture Partners and Alexandria Real Estate Equities all returned from the first round to invest in this second-round financing. In addition to Harris & Harris Group, new investors in this second round include CDIB BioScience Venture Management, Chiao Tung Bank, China Development Industrial Bank, Lux Capital, Quanta Computer and SAIC Venture Capital Corporation.
Harris & Harris Group is a publicly traded venture capital company that now makes initial investments exclusively in tiny technology, including microsystems, microelectromechanical systems (MEMS) and nanotechnology. The Company's last 10 initial private equity investments have been in tiny-technology enabled companies.
Harris & Harris Group, Inc. is a Business Development Company with 11,498,845 common shares outstanding.
Detailed information about Harris & Harris Group, Inc. and its holdings can be found on its website at http://www.TinyTechVC.com.
This press release may contain statements of a forward-looking nature relating to future events. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect the Company's current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this press release. Please see the Company's Annual Report on Form 10-K and recent Prospectus filed with the Securities and Exchange Commission for a more detailed discussion of the risks and uncertainties associated with the Company's business, including but not limited to the risks and uncertainties associated with venture capital investing and other significant factors that could affect the Company's actual results. Except as otherwise required by Federal securities laws, Harris & Harris Group, Inc. undertakes no obligation to update or revise these forward-looking-statements to reflect new events or uncertainties.