Cornice Secures $51M in Additional Funding

 
 
By Mark Hachman  |  Posted 2004-02-05
 
 
 

Cornice Inc., manufacturer of the 1-inch drive known as the Cornice Storage Element, announced that it has received an additional $51 million in funding.

The additional funding brings the total capital invested in the company to $81 million. The companys new capital comes from Cornices existing investors—CIBC Capital Partners, Nokia Venture Partners and VantagePoint Venture Partners—as well as from new firms including BA Venture Partners and GIC Special Investments Pte. Ltd.

Cornices Storage Element has been part of the resurgence in small-form-factor rotating storage. Cornice is not the only company with a 1-inch drive. Hitachi Global Storage Technology Inc. manufactures the 1-inch Microdrive. And Toshiba Ltd. has announced plans to develop a 0.8-inch drive, with other manufacturers expected to follow suit.

"The participation of our previous investors in this round is an enormous vote of confidence in Cornices vision for compact, low-cost storage for electronic devices," Kevin Magenis, president and CEO of Cornice, said in a statement. "With the additional financing and very high, sustained interest in the Cornice Storage Element from leading electronic device manufacturers, we are confident that the [c]ompany has tapped into a market need that has been unmet for some time."

As a result of this second round of financing, Jim Jones, a director at BA Venture Partners, will join the Cornice board of directors.

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