SOURCE: Pervasive Technology Ventures

November 01, 2007 12:28 ET

More Pounce per Ounce™: LatchTool Receives Funding From Pervasive Technology Ventures

NEW YORK, NY--(Marketwire - November 1, 2007) - Ewire -- LatchTool Group, LLC ("LTG" or the "Company"), based in Colorado Springs, CO, a leader in the field of microhydraulics, announced today that it has raised additional equity from Pervasive Technology Ventures, LLC ("PTV" or the "Fund") to accelerate the introduction of its hydraulically powered products into the market place. No details of the transaction were announced.

"Our products are able to deliver more power in less space with less weight and at a reduced cost," said Bob McPherson, CEO of the LatchTool Group. "It is hard for small companies to develop radically new products. We are counting on the help of investors like Pervasive to create a new industry based on microhydraulics and its many applications."

"We are very pleased to have tied ourselves to the future success of LTG," said Philippe Content, General Managing Partner at PTV. "The Company owns several patents in microhydraulics that allow for broad, cross-industrial applications of the technology. Tools are just the tip of the iceberg. Applications go across multiple sectors including aerospace, automotive, robotics and many more."

Many hydraulic applications rely on complex pressurized systems that are bulky and expensive. LatchTool's FastFlow® technology enables unprecedented power densities in extremely small sizes. Systems weighing ounces can leverage pounds into tons.

"This technology is to classic hydraulic circuits what the transistor was to vacuum tubes. This is the Fund's first investment and the intellectual property underlying the technology fits our pervasiveness criteria extremely well," said Raj Singh, General Managing Partner at PTV.

Presently, the LatchTool Group is actively pursuing a partnership model to bring the different applications to market, and will use the funding to accelerate that process. The production and assembly of products will take place in the US close to the original equipment manufactures (OEMs) that have licensed the technology.

LatchTool Group LLC is the pioneer and leader in micro-hydraulics, an applied technology that combines the power of closed hydraulics systems with integrated fluidic controls. This technology enables a myriad of new products -- robust tools, mightier robots, compact automated equipment, more powerful OEM components, enhanced surgical devices, stronger prosthetics, etc. LatchTool Group's Open Business Model licenses applications to industrial players across industries to optimize the value of the technology. LTG's five issued US Patents and over a dozen pending patents establish worldwide protection around its micro-hydraulics franchise, and the Company's applied development initiatives expand the value of its intellectual property. "FastFlow® within..." is the trademark to identify LTG's breakthroughs in fluidic valves and integrated circuits. LTG is headquartered in Colorado Springs, CO and can be found at http://www.latchtool.com.

Pervasive Technology Ventures is an early stage venture capital fund based in New York, NY. The fund invests in pre-revenue technologies and intellectual property that has applications across multiple market sectors. Both the principals of the Fund have extensive experience in helping early stage technology companies successfully bring products to the market. Philippe and Raj can be reached respectively at phil@pervasivetv.com or raj@pervasivetv.com.

Contact Information

  • Philippe M. Content
    General Manager
    Sweerts & Vaas, LLC
    297 Red Mill Road
    Freehold, NY 12431
    T: +1.518.634.7950
    C: +1.646.352.2388
    F: +1.518.634.7951