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April 18th, 2011
GMZ Energy grabs $7M as part of first funding round
Newton's GMZ Energy Inc., a maker of thermoelectric materials based on nanotechnology developed at MIT, has raised $7 million from a planned $13 million investment round, the first institutional round for the company.
While the three backers in the round were not identified in the filing with the U.S. Securities and Exchange Commission, GMZ Energy has been backed with seed capital by West Coast venture capital giant Kleiner Perkins Caulfield & Byers. One of the co-founders is former CEO Mike Clary, who had been an entrepreneur-in-residence at Kleiner Perkins. Clary was replaced in the CEO role by former Continuum Photonics Inc. co-founder Aaron Bent in April 2009, although he still holds a board seat.
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