May 20 2004
Cyclics Corporation announced the completion of its recent angel investment round which yielded over $4 million in equity. The funds are targeted toward product R&D, marketing and commercialization. While Cyclics has raised millions from local angel investors, the high growth potential of the company has allowed it to attract angel investors from larger cities including New York, Boston, Chicago and Miami. The proceeds from the latest round bring the total to over $33 million in equity and loans raised from angels by Cyclics since the company was founded in 1999. Cyclics’ first manufacturing plant, currently under construction in Schwarzheide, Germany, is expected to be completed by the end of 2004 with a capacity of 2500 metric tonnes (5.5 million pounds) with plans to double that capacity in 2006. Cyclics Corporation is a privately held company that accepts investments from qualified investors.
Cyclics was founded, in part, with support from one of its earliest investors and board members, Dr. Walter Robb. Dr. Robb was the Senior Vice President of Research for GE when the basic Cyclics technology was developed there. While he was disappointed to learn after his GE retirement that the company was not going to develop the Cyclics technology, Robb was delighted to see that its commercialization is being handled by a local start-up. “I am pleased to see the support that Cyclics and other local start-ups get from angel investors, who see a lot of promise in ‘Tech Valley’ companies. The reality is that angel investors have fueled much of the growth of technology companies in this region over the past decade.”
“We have secured investments at levels often associated with venture capital funded companies.” said Meg Picotte MacClarence, Head of Investor Relations, Cyclics Corporation. “Many of our investors have ties to the region, but we have also attracted the interest of angel investors from all over the country.”
“We have truly benefited from the best of what angel investing can offer: access to capital as well as a direct and frequent dialog with successful executives, business owners, and scientists.” said Ted Eveleth, President and CEO, Cyclics Corporation. ”It has allowed us to grow at a pace consistent with the demands of our customers.”
Cyclics Corporation, headquartered in Schenectady, New York, manufactures innovative plastics, based on technology developed and patented by GE, that offer breakthroughs in processing, making new products possible and changing the economics of existing ones. Cyclics has an alliance with Dow Automotive to develop CBT resins for automotive applications. The water-like processing viscosities of Cyclics’ engineering thermoplastic products offer improvements in performance and productivity for structural composites, compounding, casting and rotational molding.
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