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Tuesday, August 4, 2009
AEB seals up $14.2M VC round
By Mass High Tech Staff
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Wilmington-based Advanced Electron Beams Inc. has landed $14.2 million in its third round of venture financing, led by Flagship Ventures of Cambridge. The new round of funding will help AEB boost its sales efforts and develop new applications for its technology, officials said.
Also participating in the round were previous investors GE Energy Financial Services, Atlas Venture, General Catalyst Partners, RockPort Capital Partners and Agman Partners. This new funding brings the total raised by AEB to more than $50 million since October 2005.
According to Mitch Tyson, CEO of AEB and a 2008 Mass High Tech All-Star honoree, the financing will help the company further develop environmentally sustainable applications for packaging and manufacturing, as it works toward “the green factory of the future.”
In September of 2008, AEB added former Cognex Corp. COO Jim Hoffmaster as senior vice president of engineering and operations. Hoffmaster oversees engineering, manufacturing, supply chain and field support for AEB’s operations.
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