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Posted: October 1, 2007
Polychromix Pulls in Funding From CIA Venture Arm
(Nanowerk News) A Wilmington-based chemical sensing company reports it has forged an investment partnership with In-Q-Tel Inc.
Polychromix Inc., which employs 20 people, develops a handheld device designed to analyze various materials for the U.S. military and intelligence agencies. The technology stems from an $8 million Defense Advanced Research Projects Agency development grant -- shared among MIT, Sandia National Laboratories in New Mexico and Honeywell International Inc. in New Jersey
In-Q-Tel, which has invested an undisclosed amount in the company, also plans to help Polychromix commercialize its technology for a range of government security agencies including the U.S. Department of Homeland Security and the FBI, according to Brian Mitchell, Polychromix president and CEO.
Founded in 1999, Virginia-based In-Q-Tel is a nonprofit firm that invests in companies that specialize technologies including communications systems and nanotechnology for U.S. intelligence agencies, such as the U.S. Central Intelligence Agency. The company has also invested in Cambridge-based BBN Technologies Inc.