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Friday, August 14, 2009
New York tech firm plans Silicon Valley
nanotech outpost, working with NASA
Silicon Valley / San Jose Business Journal - by Mary Duan
A New York technology company hopes a deal with
NASA and a round of financing will help it reach
space it’s never been before — Silicon Valley.
MSGI Security Solutions Inc. plans to open a
research and development center in Mountain View or
Palo Alto that would include hundreds of jobs, more
than 100 of those engineers.
The company’s “chemical nanosensor” technology can
help NASA diagnose medical conditions of astronauts
while they’re in flight, among other things. Additional
commercial applications include counterterrorism and
biomedical efforts.
MSGI founder Jeremy Barbera, a physicist who
started his career at NASA’s Goddard Space
Flight Center, is moving the company’s
headquarters to San Francisco. The move will take
place in the next 60 days. Barbera said the company,
which employs 10, expects to close on a $20 million
private equity deal this month.
“This is a tech company, and it belongs in Silicon Valley,” Barbera said. “We’re in the
process of raising significant capital and, presuming everything goes as planned, we’ll be
hiring several hundred people at a minimum.”
It’s something of a rebirth for MSGI, which once focused on marketing communications.
In 2001, Omnicom Group bought the core of MSGI’s business, direct marketing
agency Grizzard Communications Group, for $91 million.
Since then, the company, which trades shares on the Over the Counter Bulletin
Board, has focused on acquiring and commercializing early stage technology in the
counterterrorism space. Coinciding with the move and the Space Act Agreement, MSGI
also is forming a number of majority-owned subsidiaries, each of which will hold the
rights to a specific technology and serve as the vehicle for investment capital.