October 05, 2006 19:30 ET
LOS ANGELES, CA -- (MARKET WIRE) -- October 5, 2006 -- ITU Ventures announced today that its portfolio company, OrganicID, has been acquired by Weyerhaeuser Company, one of the world's largest integrated forest products companies. This news was previously released by Weyerhaeuser Company on August 30, 2006.
OrganicID, a developer of printed radio frequency identification devices, holds proprietary technology to design and develop low cost, item-level RFID tags for inventory control and supply-chain applications. The organic transistor is constructed by successively depositing and patterning multiple layers of conductive materials on an insulating substrate. The technology is important to the packaging industry as more consumer products manufacturers and retailers move toward RFID to identify, count and manage inventory.
Jonah Schnel and Chad Brownstein, both Managing Partners of ITU Ventures, worked alongside Organic ID founders to create the company and then provided the required investment capital to allow the management team to achieve significant technical milestones. Consistent with ITU Venture's investment strategy of working closely with leading research universities, Organic ID licensed intellectual property from the University of Texas, Austin and worked closely with prominent faculty at the campus.
"The acquisition of OrganicID by Weyerhaeuser is a testament to the type of success that can occur when incredible innovation from universities is coupled with driven entrepreneurs and investment capital," commented Jonah Schnel.
Chad Brownstein added, "This successful transaction was a win for all parties involved and netted a significant multiple on investment for ITU while validating our investment strategy."
About ITU Ventures
ITU Ventures is the premier venture capital firm serving the unique needs of technology businesses emerging from the nation's leading universities, research institutions, federal labs, and technology corporations. ITU Ventures invests in early-stage companies that are commercializing next-generation technologies. Jonah Schnel and Chad Brownstein are the Managing Partners of ITU Ventures. Website: www.itu.com
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