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Elastic Image Secures Investment from Rose-Hulman
Ventures
Rose-Hulman Ventures today announced its second round of funding to Indianapolis-based Elastic Image, Incorporated (formerly Distortion Graphics Inc.). The total investment of $860,000 provides the firm with technical assistance through April of 2003.
Elastic Image provides graphic images used to pre-decorate three-dimensional formed products for such diverse markets as point of purchase and outdoor advertising, consumer goods packaging, automotive, consumer electronics and business equipment. Prior to the company’s proprietary developments, the manufacture of such products with high quality, precise graphics was not feasible.
Thomas Clark, president and chief executive officer of Elastic Image said, “We are pleased to continue our relationship with Rose-Hulman Ventures. The initial development activities have resulted in a significant technical breakthrough that facilitates the use of our proprietary technology on a commercial scale. During our next phase of development, we will be integrating this capability with our proprietary graphics software.”
Rose-Hulman Ventures president Jim Eifert said, “We believe the unique capabilities of Elastic Image offer tremendous market opportunities and that they will continue to grow their position in this industry. We are pleased to participate in their continued success.”
Rose-Hulman Ventures is a technology-based business incubator and product development center that is creating economic growth and career opportunities for technical professionals in Indiana. Rose-Hulman Institute of Technology was awarded a $29.7 million grant from the Lilly Endowment, Inc. to establish Rose-Hulman Ventures.
For the third consecutive year, Rose-Hulman Institute of Technology is ranked No. 1 by U.S. News and World Report magazine among all colleges and universities that offer the master’s as the top degree in engineering. The ranking is based on a national survey of higher-education engineering educators.
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