Signal Lake buys majority of InPhase
Last Updated: 16:25 March 28, 2012
LONGMONT - An East Coast-based investment firm said it is acquiring a majority stake in the remains of Longmont-based InPhase Technologies Inc., a holographic data-storage technology company that closed its doors in February.
Signal Lake Management LLC, which has helped fund InPhase from its inception, has agreed to buy out the shares of the company's largest shareholder, New Venture Partners, for an undisclosed amount.
Signal Lake plans to invest at least $20 million in debt financing to reorganize InPhase and get it back on its feet, said Bart Stuck, managing director the investment firm. He is seeking investment partners for the venture.
Stuck said the company will remain in Longmont and bring back Bill Wilson, chief scientist; Kevin Curtis, chief technology officer; Lisa Dhar, vice president of media development; and Adrian Hill, vice president of software development.
Beyond that, Stuck didn't know how many other former employees would return, or how many the restructured company would need to operate. InPhase laid off about 60 employees when it closed in February.
"We will run the company on a reduced basis during this initial restructuring phase," he said.
Stuck said the focus of InPhase will be to bring its holographic data-storage technology to the commercial market. The company was founded in 1998 and then spun out of Bell Labs in 2000. It raised about $94 million over nine years to develop and advance the technology. InPhase's Tapestry 300r holographic storage drives have a capacity of 300 gigabytes - equivalent to 460 CDs or 64 DVDs.
Similar to CD and DVD storage, InPhase's technology uses lasers to write data onto a disk. But with holographic storage, a lot more data can be written at one location on the disk, each at a slightly different angle. Each layer of data has its own unique angle, so much like a holographic image, when the viewing angle is changed, so does the image of data.
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