By Lisa Johnston
New products on display at the American International Toy Fair, held in N
NuVision U.S. reports that it has received a second round of funding from Mitsui Comtek since it aligned itself with the manufacturer earlier this year.
Neither company disclosed the amount of the new funding.
In a prepared statement Scott Deley, NuVision's president/CEO, said “This second investment by Mitsui is being made to help NuVision develop new products and capabilities to help it grow faster and further into the marketplace. We have had great interest from the investor community in NuVision, but Mitsui has been a great financial partner because it has also provided valuable technical expertise in product development, marketing and strategic planning.”
In connection with the funding, David Kaltsas, general manager at Mitsui Comtek, has been named to the board of NuVision. Mitsui Comtek is a subsidiary of Mitsui & Co, Ltd., the global trading company focusing on the IT and electronics business in the U.S. market. Mitsui Comtek has been very active in enabling advanced display technologies to be launched into the consumer IT and CE markets through various strategic partnerships. Mitsui Comtek has been an early investor in a wide range of technology companies such as Gateway 2000, Nanosolar and SiRF.
Jeffrey Buchanan, a member of the board of NuVision and a managing senior director of Alare Capital Partners, an Arizona-based strategic advisory and merchant banking firm, provided advice to NuVision in closing the funding. “This financing from Mitsui, along with the line of credit from Silicon Valley Bank, will be used to deliver NuVision's advanced products into the channel this fall,” noted Buchanan.
In addition to announcing Mitsui's additional equity funding, NuVision has also recently displayed its new 1,080p LED Illuminated DLP television, 42- and 47-inch 1,080p LCD monitors at CEDIA Expo and also has brought industry veteran Charles Boornazian from D&M Holdings' Marantz brand on-board as the company's sales VP, NuVision said.
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