BELLEVUE, Wash., December 20, 2010 — Xenon Arc Inc. announced today that it has closed on its initial round of financing totaling $15 million. The investment was made by Weston Presidio, a private equity firm that provides growth capital to companies with exceptional management teams across a wide range of industries. In conjunction with the transaction, Sean Honey, Josh McDowell, and David Ferguson of Weston Presidio will join the board of directors of Xenon Arc.
Xenon Arc's founding executive leadership team – Chad Steigers, Adeline Honnas, Edward Lux, and Chris Jardine - brings deep domain expertise in the chemical manufacturing, distribution, technology and consulting industries, as well as a strong track record of entrepreneurial and startup success. The company plans to use the funds to complete the commercial launch of their initial business offering, to hire top quality talent, and to expand their client roster globally.
"We are extremely excited to partner with Weston Presidio. They bring deep industry knowledge and a strong track record of success in working with entrepreneurs and high growth companies," said Chad Steigers, President and CEO of Xenon Arc.
Sean Honey, Partner of Weston Presidio, added "We are thrilled to have an opportunity to back the outstanding team at Xenon Arc. They have a proven record in building high growth businesses and their new venture has a very exciting market opportunity."
Currently working out of incubator space in Bellevue, WA, the company is in the process of finalizing the lease for its initial headquarters facility located in the Downtown Bellevue Core.
Xenon Arc was founded in September of 2010, and is dedicated to building a portfolio of technology enabled business process solutions for industrial producers globally. A registered participant in the Microsoft BizSpark Startup program, Xenon Arc is developing highly integrated software solutions that increase both the effectiveness and efficiency of customer facing business processes in a wide range of business-to-business applications. More information is available at www.xenonarc.com.
Weston Presidio is a leading private equity firm focused on growth capital investments across a range of sectors including business services, manufacturing and industrial, and consumer and retail. Since its founding in 1991, it has managed five investment funds aggregating over $3.3 billion. The Weston Presidio team has helped identify, build and maximize value in over 300 leading growth companies. For more information, please visit www.westonpresidio.com.