Symyx Technologies, of Santa Clara, said it has created an independent “spin-out” company to develop sensor technologies.
The new company, Visyx Technologies (no Web site yet), will focus on developing sensors for the transportation and industrial markets, particularly for use in passenger, truck and off-road vehicles, Symyx said in a statement.
Driving the deal was an investment in Visyx by CMEA Ventures, a San Francisco venture firm, which will own a majority of the company. Symyx contributed $400,000. Based on this investment and the transfer of sensor intellectual property rights to Visyx, Symyx owns 37 percent of the new company. Symyx has retained rights to apply the sensor technologies in certain pharmaceutical, chemical and refining applications, it said.
This is the second company that Symyx has created to pursue internally developed technologies independently: In 2003, Symyx launched Ilypsa, a pharmaceutical company. Ilypsa has raised $46 million in financing from NLV Partners, 5AM Ventures, US Venture Partners, Johnson & Johnson Development Corporation and Delphi Ventures, the company said.