Brontes Technologies, Inc, USA

On October 16, 2006, 3M acquired Brontes Technologies Inc. for $95 million in cash. Brontes Technologies, Inc. was founded in 2003 with the purpose of commercializing the technology invented in the Department of Mechanical Engineering at the Massachusetts Institute of Technology by Professor Douglas Hart, Research Scientist Dr. János Rohály and two PhD candidates, Federico Frigerio and Sheng Tan. After three years of research, the inventing team received a research grant from the Deshpande Center for Technological Innovation at MIT to shift the focus of its development toward commercial opportunities. In the fall of 2002, the inventing team recruited Eric Paley and Micah Rosenbloom to evaluate the commercial potential of the technology, architect a business plan and raise capital. In May of 2003, the combined team was selected as the runner-up in the MIT 50K Business Plan Competition. Brontes Technologies was incorporated in June of 2003 and the dreams of the founders finally became a reality. The company received its first seed round of capital in January 2004 from Endurance Investments and its first round of capital in June 2004 from Acceleration International, Bain Capital Ventures, Charles River Ventures and IDG Ventures.