Friday, March 19, 2010

Holographic Storage Company, InPhase gets New Life.

Founded in 1998 and spun out of Bell Labs in 2000 InPhase raised about $94 million over nine years to develop and advance holographic storage technology. However, last February they laid off its staff and closed its doors.

New life however has been injected into the remnants of this organization by the east coast investment firm Signal Lake Management LLC who has announced in a press release yesterday that it is acquiring a majority stake in what remains of the Longmont-based company.

Signal Lake was an early investor in InPhase and according to the press release they have agreed to buy out the shares of the company's largest shareholder, New Venture Partners, for an undisclosed amount. According to Bart Stuck, managing director the investment firm they plan to invest at least $20 million in debt financing to reorganize InPhase and get it back on its feet. The company will remain in Longmont

Stuck said the focus of InPhase will be to bring its holographic data-storage technology to the commercial market. Nothing new here which leaves me wondering why Stuck thinks that throwing another $20M at a technology that has so far foiled all attempts to commercialize will, this time, be successful.

I have written positively about this company in the past and wish them well. With all the negative front range (Colorado) storage stories in recent years, a success would be more than welcome.

No comments: