WHO’S GETTING THE
CASH IN
NANOMANUFACTURING?
Douglas W. Jamison
Harris & Harris Group, Inc.
One Rockefeller Center, Suite 1430
New York, NY 10020
(212) 332-3600 doug@TinyTechVC.com
PRESENTATION:
1.) Present a framework in which to think about
nanomanufacturing investments.
2.) Comment on where some of the established firms
are focusing.
3.) Comment on the survey of nanomanufacturing
firms.
4.) Revisit the framework of investment
opportunities.
FRAMEWORK:
Why is presenting a survey of firms important?
• First, it provides a visual picture to help an investor or
start-up map the landscape and develop a strategy.
• Second, it allows you to guard against capital market
myopia.
• Third, it provide investors and start-ups with a set of
companies to compare against when deciding if their
start-up has the right type of technology to be
successful in its specific industry dynamic.
SURVEY SUMMARY:
• Approximately 115 “Tool Companies” in the database at
this point.
• Approximately 20+ are considered “incumbents.”
• Approximately 90 + are start-ups, small firms, or firms with a new
division focused on nanomanufacturing.
• 14+ companies focused on SEMs and TEMs.
• 34+ companies focused on SPMs.
• An additional 12+ firms supplying accessories for SPMs.
• 18+ Lithography companies
• 5+ in NIL; 5+ in E-Beam; 2+ in EUV; 1 in X-ray lithography
• 6+ companies focusing on self-assembling
manufacturing.
CURRENT FIRMS
DEVELOPING
NANOMANUFACTURING
CAPABILITIES:
“THE INCUMBENTS”
COMPANY:
WEB SITE:
TECHNOLOGY:
Applied Materials Inc.
http://www.appliedmaterials.com/about/ind
ex.html
Manufactures wafer fabrication equipment with
CVD and PVD steps. Inspection and metrology equipment.
ASM Lithography
Holding NV
http://www.asml.com/NASApp/asmldotco
m/show.do?GXHC_JSESSIONID=383da7
0197aa2e53&rid=1839&ctx=238
Lithography techniques for Silicon integrated circuits. Research electron/ion and extreme
UV lithography with resolutions below 100nm.
Canon
http://www.canon.com/technology/index.ht
ml
X-ray lithographic technology with resolution of 130nm by 2003 and 100nm by 2005.
FEI Corp.
http://www.feicompany.com/eng/products/
list.html
Manufactures products based on focused charged particle beam technology including
TEMs, SEMs and focused ion beam systems.
HP
http://www.hpl.hp.com/
Research into soft lithography. HP’s Quantum Science research group is working on a
molecular electronics program for defect tolerant architectures.
Hitachi Scientific
Instruments
http://www.hii-hitachi.com/
Supplies SEMs, focused ion beam milling systems, TEMs, and electron beam lithography
systems.
JEOL
http://www.jeol.com/products.html
Manufacture a variety of material analysis instruments including SEMs and TEMs.
JMAR Technologies
Inc.
http://www.jmar.com/prod.html
Produce programmable, high resolution, AFM- based integrated inspection systems
for semiconductors, biochips, and hard disks. Laser and X-ray source and the
positioning systems are proprietary to JMAR.
KLA-Tencor Corp.
http://www.klatencor.com/products/browse.html
Manufactures yield management solutions, process monitoring systems, and tools to
identify defects.
LEO Electron
Microscopy
http://www.leo-em.co.uk/
Manufacture SEMs and TEMs. Zeiss subsidiary.
NEC
http://www.nec.com/global/rd/index.htm
l
R&D projects include electron beam nanolithography and atom holography.
Nikon
http://www.nikonusa.com/usa_category/
category_instr.jsp
Electron projection lithography and AFM applications.
Novellus Systems Inc.
http://www.novellus.com/products/prose
tup.asp
Manufactures automated wafer fabrication systems for thin film deposition. Provides
CVD, PVD, photoresist and residual removal.
Olympus
http://www.olympus.com/global/industri
al_global.htm
Produce cantilever tips for scanning tip microscopes (STMs) and near field optical
microscopes.
Rudolph Technologies
Inc.
http://www.rudolphtech.com/products/in
dex.html
Manufactures process control metrology systems including a metrology line for
opaque and transparent films.
Seiko Instruments
http://www.sii.co.jp/info/eg/index.html
Manufactures analytical equipment including scanning probe microscopes, focused
ion beam machines and SEMs.
Ultratech Stepper Inc.
http://www.ultratech.com/products/inde
x.shtml
Manufactures photolithography equipment.
Veeco Instruments Inc.
Digital Instruments
http://www.veeco.com/html/product_by
market.asp
Manufactures process equipment and metrology tools including etch and deposition
systems and surface measurement systems.
DI manufactures scanning probe microscopes, AFMs, near field scanning optical
microscopes, and related peripherals.
Zeiss
http://www.zeiss.com/us/home.nsf/Cont
entsFrameDHTML/F2F21D215D97061C85
256CAD0054C9B3
Manufacturer of optical microscopes, SPMs and SEMs. LEO is a subsidiary.
CURRENT FIRMS
DEVELOPING
NANOMANUFACTURING
CAPABILITIES:
“THE UP AND COMING?”
COMPANY:
LOCATIO
N:
WEB SITE:
MARKET
SPACE:
TECHNOLOGY:
MicroMagnetic
s
Fall River,
MA
http://www.microma
gnetics.com/
Analytical
Equipment
Employs magnetic fields generated by a current to
determine the amount of current in a circuit on an IC.
Sensitivity approaching SQUID and can resolve
features smaller than 50 nm.
Nano-Or
Israel
http://www.nanoor.com/
Analytical
Equipment
Non-contact, non-destructive 3-D measurement
system. Company has incorporated interferometer
metrology performance into a white-light microscope.
Burleigh
Analytical
Equipment
Manufacturer of instruments for testing, measurement
and automation in the photonics market. Produces
positioning systems with nanometer precision.
Cameca
Analytical
Equipment
Develops instrumentation for surface and interface
analysis and microprobes.
http://www.evotecoa
i.com/servlet/page?_
pageid=77&_dad=p
ortal30&_schema=P
ORTAL30
http://www.imagem
et.com/
Analytical
Equipment
Development of single molecule spectroscopy
Analytical
Equipment
Produce software for Scanning probe microscope data
and analysis.
Analytical
Equipment
Bio
application
Analytical
Equipment
Developed a process for the manufacture of a carbon
nanotube probe for use in semiconducting metrology
and the biomedical market
Analytical
Equipment
Manufacturer of mechanical testing instruments at
nano and micro scale, especially nanoindentation,
scratch and impact testing.
Evotec
Biosystems
UK and
Germany
Image
Metrology
Denmark
Integrated
Nanosystems,
Inc.
Sunnyvale,
CA
http://intnano.com/
Jasco Corp.
Japan
Micro Materials
Burr Ridge, IL
http://www.nni.nikk
ei.co.jp/FR/AWG/re
cs/JPManuf0033929
.html
http://www.microma
terialsresearch.com/
Photometrics
Inc.
Huntington
Beach, CA
http://www.photome
trics.net/
Analytical
Equipment
Laboratory dedicated to solving production and failure
analysis.
Ion TOF
Germany
http://www.iontof.com/
Analytical
Equipment.
Manufacture secondary ion mass spectrometry
systems.
Manufacturer of analytical instrumentation with an
emphasis on advanced optical systems.
INVESTORS:
First round investment funds
from Jerusalem Global
Ventures, STI Ventures,
Dellet VC, and private
investors
Positron
Systems Inc.
Boise, ID
http://www.positron
systems.com/
Metrology and
Inspection
Tool
Non-destructive technology for identifying nanoscale
defects called Photon Induced Positron Annihilation
System.
Rave LLC
Delray Beach,
FL
http://www.ravellc.c
om/careers.html
Metrology and
Inspection
Tool.
Developing a scanning probe microscope tool for
mask and semiconductor repair.
Metrology/
Inspection
Tool
Electron beam nanolithography used to inspect and
repair semiconductor photomasks.
Metrology/
Inspection
Tool
CD-SEM calibration and line-edge roughness
metrology tool to help technicians calibrate multiple
CD-SEMs for increased yields.
Nano World
Technologies
Nanometrology
New York
NLine Corp.
Austin, TX
http://www.nline.co
m/
Metrology/
Inspection
Tool
Digital holography to peer into narrow and deep
spaces such as contacts and trench capacitors on
semiconductor wafers. Tool detects defects that are
smaller than the wavelength of deep ultraviolet light.
Targeted at 90 nm process technology.
$7.4 million second round
included Advanced Micro
Devices, Hat Creek
Partners, Intel Capital,
Sensor Technology
Development Fund, SG
Cowen Venture Partners,
TAT Capital Partners Ltd.,
and Thomas Weisel
Partners. The $7.4 million
raised brings the total equity
investment in nLine to
$18.4M.
Therma-Wave
SanFrancisco,
CA
http://www.thermaw
ave.com/
Metrology/
Inspection
Tool
Develop a real time, critical dimension system to
scatterometrically measure 130 nm photoresist
features for polysilicon gate and shallow trench
applications.
Established since 1982
Hysitron
Minneapolis,
MN
http://www.hysitron.
com/
Metrology/
Inspection
Tool
Manufactures nanomechanical testing instruments
especially tailored to measure hardness, elastic
modulus, friction, wear resistance, fatigue,
nanoscratch and indentation.
Zyvex
Corporation
Richardson,
TX
http://www.zyvex.co
m/
Molecular
SelfAssembly
Assembly-based systems approach to integrating
macro, micro and nanodevices, with a strong
emphasis on self-assembly. Released S100
Nanomanipulator System for positioning and testing
tools for nanotech research and development
applications.
Molecular
Electronics
Corp.
Hilton Head,
SC
http://www.molecul
arelectronics.com/
Molecular
SelfAssembly
R&D company working on commercializing
nanoelectronics with their main focus on selfassembly
NanoFrames
LLC
Boston, MA
http://www.nanofra
mes.com/
Molecular
SelfAssembly
Perform research on the use of rod-like tails of viruses
for building blocks in nanoscale self-assembly.
Nanolayers
Israel
http://www.nanolaye
rs.com/about.shtml
Molecular
SelfAssembly
Developed a proprietary organic thin-film technology
for the enhancement of microelectronic components.
Millenium Materials
Technology Fund
Nanosys Inc.
Palo Alto, CA
www.nanosysinc.co
m
Molecular
SelfAssembly
Synthesize 0 and 1 dimensional nanostructures for
applications in photovoltaics, macroelectronics, and
chemical sensing.
ARCH Ventures, CW
Group, Polaris ventures,
Venrock Associates, etc.
Mound laser
and Photonics
center
Miamisburg,
OH
http://www.mlpc.co
m/
Micromachini
ng
Develop applications for laser micromachining and
fabrication.
$7.65 million originally
from Angel investors.
Molecular
Imprints
Austin, TX
http://www.molecula
rimprints.com/about
mi.html
Nanoimprint
Lithography
Step & Flash Imprint Lithography. Imprio 100 has a
price tag of $2 million.
$12 million in VC funding
from Alloy Ventures, Asset
Management, DFJ,
Huntington Ventures, KT
Venture Group, Lam
research and Motorola
Ventures
Nanonex Corp.
Princeton, NJ
http://www.nanonex.
com/
Nanoimprint
Lithography
Shipping nanoimprint lithography tools ranging in
price from $300-700K.
undisclosed
Obducat AB
Malmo,
Sweden
http://www.obducat.
com/sida_2.asp
Nanoimprint
Lithography
Develop and supply technologies for the production of
advanced micro and nano structures for research and
manufacturing including electron beam writers,
electron microscopes and nanolithography. Sold 5
pilot production NIL machines with 20-25 to be
delivered to customers in 2003.
Public company
EV Group
Austria
http://www.evgroup.
com/products/hotem
bossing.htm
Nanoimprint
Lithography
LumArray
Cambridge,
MA
http://www.lumarray
.com/index.htm
Next
Generation
Lithography
A semiconductor and MEMS production equipment
maker. EV Group has three nanoimprint lithography
systems, the hot embossing device that works at high
temperatures and precise pressure, a device that
solidifies the polymer material with UV light and a
microcontacting printing process that uses a flexible
stamp to deposit patterns on surfaces with existing
topographical features.
Maskless zone plate array lithography controlled by
Microsystems. Technology is extendable to 10-20 nm.
Advantest
Japan
http://www.advantes
t.co.jp/products/enindex.shtml
Next
Generation
Lithography
Manufacture electronic measuring instruments,
automatic test equipment and electron beam
lithography systems for ICs.
AMO GmbH
Germany
http://www.amo.de/a
mo/welcome_en.htm
l
Next
Generation
Lithography
Develop interference lithography and nanoimprint
technology
NanoInk
Chicago, IL
http://www.nanoink.
net/home.html
Next
generation
Lithography
AFM based dip-pen lithography*
Raised approximately $6
million Galway partners and
Lorie Investment Fund
Quantiscript
Canada
http://www.quantisc
ript.com/english/intr
o.htm
Next
Generation
Lithography
E-Beam
Developer of electron beam lithography.
Raith GmbH
Germany
http://www.raith.de/
intro.html
Next
generation
Lithography
E-Beam
Manufacturer of electron beam lithography systems.
JC Nability
Lithography
Systems
Next
Generation
Lithography –
E beam
Manufacture an interface for performing e beam
lithography with SEMs and STMs.
Applied
Physics
Technologies
Inc.
Next
Generation
Lithography –
E-Beam
Produces metal carbide tips that emit a thin beam of
electrons with potential for use in electron beam
lithography.
Next
generation
Lithography Electron
Beam
Lithography
Technology based on a combination of e-beam
writing and conventional optical imaging that enables
high resolution and high-speed lithography without a
conventional photomask. Designed pattern is imaged
on a converter plate rather than on the wafer directly.
Developing a wafer stepper for 22-45 nm
semiconductor lithography.
Robotic
manipulation
Researching conversion of the atomic force
microscope into a production robot with atomic
manipulation capabilities.
SelfAssembly via
sol-gel
Manufacture and sell a wide range of precursor
materials for sol-gel. They have developed a new
form of anti-reflective coating using a sol-gel based
spin-on process.
Mapper
Lithography
Delft
University
http://www.mapperli
thography.com/
Molecular
Robotics
Chemat
Technology
Northridge,
CA
http://www.chemat.
com/
July, 2001 $2.2 million
from Residex Venture
Capital Network and Delft
University. In August 2002
KT Ventures also invested.
Imago
Scientific
Instruments
Corp.
Madison, WI
http://www.imago.c
om/#
Imaging and
Manipulation
Developing proprietary Nanolytical™ equipment to
meet the characterization needs of the nanotechnology
revolution. Imago’s premier product, the LEAP™
microscope, provides unsurpassed three-dimensional
materials analysis at the nanoscale.
Nanoscience
Instruments
Inc.
Phoenix, AZ
http://www.nanoscie
nce.com/
Imaging and
Manipulation
Scanning probe image processor product permitting
researchers to add 3-D animation tools to scanning
probe microscope images.
National
Instruments
worldwide
http://www.ni.com/
Imaging and
Manipulation
Bio
applications
Manufacture a piezo tuning wizard for motion control.
Permits developers to easily tune and control piezobased motors for high-precision applications such as
wafer alignment and biotech microarray handling.
Nion Co.
Kirkland, WA
http://www.nion.co
m/
Imaging and
Manipulation
Specializes in precision optical instrumentation such
as aberration correctors, imaging filters, slow scan
CCD cameras, parallel electron energy loss
spectroscopy and STMs.
3rdtech Inc.
Chapel Hill,
NC
http://www.3rdtech.
com/
Imaging and
Manipulation
Produces the NanoManipulator, a set of virtual reality
interface tools for TM scanning probe microscopes.
Accurion
Menlo Park,
CA
http://www.accurion
.com/
Imaging and
Manipulation
Produces AFMs, SPM and some optical measurement
instruments
Adept
Technology
Livermore,
CA
http://www.adept.co
m/main/index.html
Imaging and
Manipulation
Producer of nanopositioning equipment
Angstrovision
California
http://www.angstrov
ision.com/
Imaging and
Manipulation
Exploiting interferometry to allow rapid-frame-rate 3D imaging at nanoscale.
Arryx
Chicago, IL
http://www.arryx.co
m/home.html
Imaging and
Manipulation
Bio
applications
Develops and commercializes a technology for the
manipulation of nano-objects with focused beams of
laser light.
$7 million in VC funding
from DFJ, Infineon
Ventures, Draper Triangle
Ventures, Stanford
Management Company
Established for some time
Raised $7.2 million from
DFJ, Fahnestock Fund and
ARCH Development Fund
Asylum
research
Santa Barbara,
CA
http://www.asylumr
esearch.com/
Imaging and
Manipulation
Seller of scanning probe microscopes and related
materials.
Atomic Force
F&E GmbH
Germany
http://www.af-fe.de/
Imaging and
Manipulation
Attocube
Systems
Germany
http://www.attocube.
com/
Imaging and
Manipulation
Producer of microscope accessories such as
cantilevers, SEM accessories, surface profile
measuring instruments and layer thickness measuring
instruments.
Develops nanopositioning actuators
Imaging and
Manipulation
Surface topography equipment seller – AFM, near
field scanning optical microscopes, SPM and
nanoindenter.
www.bioforcenano.c
om
Imaging and
Manipulation
Bio
applications
Developer of AFMs for biological applications.
Atos
BioForce
Nanosciences
Camscan
Electron Optics
Great Britain
http://www.camscan
.co.uk/
Imaging and
Manipulation
Manufacturer of SEMs.
Danish Micro
Engineering
DME
Denmark
http://www.dmespm.dk/
Imaging and
Manipulation
Manufactures AFMs and near field scanning optical
microscopes.
Focus GmbH
Germany
http://www.focusgmbh.com/
Imaging and
Manipulation
Manufacturer of instruments for electron microscopy.
Fries Research
& Technology
Germany
Imaging and
Manipulation
Develops processes and tools for the production and
modification of nanostructures with ion beams.
General
Nanotechnolog
y
Berkeley CA
http://www.frtgmbh.com/home/ho
me.php3?sprache=u
k
http://www.gennano.
com/
Imaging and
Manipulation
Produces imaging and operating software for AFMs
and optical microscopes.
Imaging and
Manipulation
Scanning probe microscope manufacturer.
Imaging and
Manipulation
Bio
applications
Develops systems for improving scanning probe
microscope performance in applications of biology
and polymer science.
Independent
research
Engineering
Group
Infinitesima
Bristol, UK
JPK
Instruments
Berlin,
Germany
http://www.jpk.com
/index2.htm
Kelvin
Nanotechnolog
y
Glasgow,
Scotland
http://www.elec.gla.
ac.uk/knt/
Kleindiek
Nanotechnik
Germany
http://www.nanotec
hnik.com/
K-Tek
International
Inc.
Portland, OR
Mikromasch
Imaging and
Manipulation
Bio
application
Imaging and
Manipulation
Bio
application
Imaging and
Manipulation
Maker of dual function microscopes, designed for
use in biological fields.
http://www.ktekintl.
com/
Imaging and
Manipulation
Accessories
Manufacturer of AFM cantilevers and gratings.
http://www.mikrom
asch.com/
Imaging and
Manipulation
Accessories
Manufacturer of Scanning probe microscope tips,
cantilevers and calibrating samples.
Semiconductor fabrication and processing for
electronics and biology, including e beam writing
and molecular beam epitaxy.
Manufacturer of nanopositioning equipment.
Minus K
Inglewood,
CA
http://www.minusk.
com/
Imaging and
Manipulation
Manufacture vibration isolation systems for scanning
probe microscopes.
Molecular
Devices &
Tools for
Nanotechnolog
y
Molecular
Imaging
Moscow,
Russia
http://www.ntmdt.ru
/
Imaging and
Manipulation
Produce scanning probe microscopes and related
accessories for surface characterization in gas, air
and liquid environments.
Tempe, AZ
http://www.molec.c
om/
Imaging and
Manipulation
Design and produce scanning tunneling microscopes,
AFMs, peripherals and scanning probes.
Nanodevices
Inc.
Santa
Barbara, CA
http://www.nanodev
ices.com/
Imaging and
Manipulation
Accessories
Manufactures AFM cantilevers.
NanoFab
ColumbiaMD
http://www.nanofab.
com/
Imaging and
Manipulation
Manufacturer of high voltage focused ion beam
devices
Nanofactory
Instruments
Sweden
http://www.nanofact
ory.com/
Imaging and
Manipulation
Manufacture an instrument that features STM as well
as TEM technology for 3-D manipulation of
nanoscale objects.
Nanofilm
Westlake
Village, CA
http://www.nanofil
m.com/
Imaging and
Manipulation
Manufacture instrument accessories for analysis and
microscopy of surfaces.
Nanomagnetics
Instruments
UK
http://www.nanoma
gneticsinst.com/products.ht
m
Imaging and
Manipulation
Developing scanning Hall probe microscopes for
quantitative and non-invasive imaging of magnetic
materials with nanoscale resolution.
Nanomechanics
LLC
Worcester,
MA
http://www.nanome
chanics.com/
Imaging and
Manipulation
Accessories
Developer of algorithms for the simulation of AFM
behavior.
Nanometrics
worldwide
http://www.nanomet
rics.com/
Imaging and
Manipulation
Produce equipment for the mapping of thin film
properties for applications in semiconductors and flat
panel displays.
Nanomotion
Ltd.
Israel
http://www.avem.or
g/MemDirF/Nanom
otion.html
Imaging and
Manipulation
Developing nanopositioning systems.
Nanonics
Imaging Ltd.
Israel
http://www.nanonics
.co.il/
Imaging and
Manipulation
Commercializing advancements in near field optical
microscopy.
Nanosensors
Switzerland
http://www.nanosen
sors.com/
Imaging and
Manipulation
Accessories
Manufacturer of scanning probe microscope
cantilevers and calibration tools.
Nanosurf
Switzerland
http://www.nanosurf
.com/
Imaging and
Manipulation
Developer of scanning probe microscope systems
Nanotec
Electronics SL
Spain
http://www.nanotec.
es/staff.htm
Imaging and
Manipulation
Manufacturer of scanning probe microscopes
Nanotools
Germany
http://www.nanotools.com/
Imaging and
Manipulation
Accessories
Manufacturer of silicon AFM tips coated with
diamond like amorphous carbon.
Nanowave
Santa Clara,
CA
http://www.nanowa
ve.com/
Imaging and
Manipulation
Produce positioning systems based on scanning probe
microscope technology.
Imaging and
Manipulation
Develop nanopositioning equipment
Imaging and
Manipulation
Commercialize sub 20 nm resolution ion beam
technology.
Neolim Ltd.
Norsam
Santa Fe, NM
http://www.norsam.
com/about.htm
Omicron
Germany
http://www.omicroninstruments.com/
Imaging and
Manipulation
Manufacturer of scanning tunneling microscopes.
Orsay Physics
France
http://www.orsayphy
sics.com/
Imaging and
Manipulation
Producer of focused ion beam columns in partnership
with LEO.
Pacific
Nanotechnolog
y Inc.
Santa Clara,
CA
http://www.pacificna
notech.com/
Imaging and
Manipulation
High performance inexpensive AFM with intuitive
imaging capabilities.
Physical
Electronics Inc.
Germany
http://www.phi.com/
Imaging and
Manipulation
Manufacture a variety of surface science instruments.
Piezomax(now
nPoint)
Madison, WI
http://www.piezoma
x.com/
Imaging and
Manipulation
Manufacture scanning probe tips and nanopositioning
devices.
PSIA
Korea
http://www.psia.co.k
r/
Imaging and
Manipulation
Accessories
Manufacture SPMs and cantilevers.
Imaging and
Manipulation
Manufacturer of nanopositioning systems.
Queensgate
Quesant
Instruments
Corp.
worldwide
http://www.quesant.
com/
Imaging and
Manipulation
Manufacturer of scanning probe microscopes.
RHK
Technology
Troy, MI
http://www.rhktech.com/
Imaging and
Manipulation
Manufacturer of UHV AFM/STM systems for
molecular imaging.
Surface
Imaging
Systems
Germany
http://www.sisgmbh.com/
Imaging and
Manipulation
Manufacturer of scanning probe microscope
peripherals.
Triple-O
Microscopy
Germany
http://www.tripleo.de/TripleO.Microscopy.html
Imaging and
Manipulation
Manufacturer of SPM.
Visitec
Germany
http://www.visitecem.de/
Imaging and
Manipulation
Very large chamber SEM producer.
WHERE SOME MAY FIND
POSSIBILITIES:
• SPM manipulation devices for biological
applications – 5-6 companies and none of the
“incumbents” yet.
• BioForce Nanosciences, National Instruments, Kelvin
Nanotechnology
• Companies with a very specific focus and
expertise with customers lined up.
• NanoFab in Maryland focusing on high voltage focused
ion beam devices.
• Pacific Nanotechnologies, Inc. – low priced SPM niche.
• Imago Scientific Instruments – 3-D imaging capabilities
EXCITING POSSIBILITIES:
REVISITING THE FRAMEWORK FOR
INVESTMENT OPPORTUNITIES:
• Source of a Visual Picture for Strategy Purposes:
– Found some nanoimprint lithography techniques that may be disruptive.
Found a lot of “tool” companies trying to compete against the incumbents
with sustaining technologies.
– Most technologies are still “top-down” manufacturing processes, that
don’t fully take advantage of the opportunities that will some day be
enabled at the nanoscale. A bit early for “bottom-up” promises.
– Great companies are selling applications (Nanosys, NanoGram Devices)
• The excitement for nanotech tools may be leading us to
capital market myopia.
• Good due diligence is critical as this field has matured
quickly. There is significant intellectual property and
plenty of companies that are already in business.
CONCLUSION:
• The opportunities for specialized firms in
nanomanufacturing – what they will need.
• The opportunities for a firm such as Harris & Harris
Group, Inc.
• Strategies and rules are often designed to then be
broken or proven incorrect. However, then at least
one has been conscious of the process and knows
what one is getting into.