Electro textile developer Textronics spins off from INVISTA
18 Jun '05
5 min read
New electro-textile materials and system integration company Textronics Inc has secured investor financing and announced its follow-up from INVISTA, one of the world's largest integrated fiber, resin and intermediates company.
The new venture was formed with the closure of a Series A investment round led by NGEN Partners, a Santa Barbara-based venture capital firm specializing in materials businesses. Other participating investors include New York-based SAS Investors, Santa Barbara-based Unilever Technology Ventures, and INVISTA.
“The convergence of electronics and textile science is opening up exciting new markets for fabrics that conduct, illuminate, sense and warm,” said Stacey Burr, chief executive officer of Textronics. “With a strong technology portfolio and powerful backing, we are well placed to play a leading role in exploiting this potential. Our goal is to integrate electronics in ways that make textiles the 'provider' rather than the 'container' of new functionality.”
According to Burr, the infusion of capital will enable Textronics to expand its workforce, accelerate development of patented technologies, and drive commercialization of promising applications in the apparel, home, transportation and industrial textiles sectors.
"The time is right to transfer our investment in electro-textiles to a dedicated entrepreneurial company," said Jim DiAndreth, INVISTA director of corporate technology. In addition to acquiring INVISTA's electro-textile intellectual property assets, the new company will receive transitional support from INVISTA including access to its textile development facilities.
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.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
