Luminescent secures $9M in funding, names new CEO

By Colleen Taylor, Contributing Editor -- Electronic News, 6/14/2007

Palo Alto, Calif.-based lithography-enhancement products provider Luminescent Technologies Inc. announced Wednesday that it has raised $9 million in a new financing round led by new investor, Adams Capital Management (ACM) and supported by existing investor Sevin Rosen Funds.

The company said it will use the funds to continue to drive adoption of its patented inverse lithography technology (ILT).

With the new financing in place, former Luminescent CEO David Fried has passed his position on to Moris Kori, who previously held the position of executive VP of products at Luminescent. Effective Wednesday, Kori assumed the position of CEO and takes a seat on Luminescent's board of directors.

Last year, under David Fried the company recruited Kori from Applied Materials, where he held a number of senior executive positions, including corporate VP and general manager of the mask lithography and inspection product group; VP and general manager of the CVD metal interconnect and integrated liner/barrier product groups; and chief marketing officer for the metal deposition and etch product groups. Kori has 13 patents in semiconductor technology and holds a Ph.D. from Yale University and an MBA from Stanford University.

"We're fortunate to enjoy the continuing support of Sevin Rosen Funds and we're pleased to welcome ACM as a new investor in this round," Kori said in a statement. "Their combined support results from our progress and represents a vote of confidence in our future. The funding enables us to expand our infrastructure so that we can continue to support our customers' transition to ILT."