Fountain Valley-based memory products maker Kingston Technology Inc. is celebrating its 25th anniversary by giving consumers a chance to design their own USB flash drive.
The company, founded by John Tu and David Sun in October 1987, is taking submissions through Nov. 18. Those visiting the contest website will get a chance to design the style and look of the flash drive but won’t be asked about internal components.
Online voting from Nov. 20 to 30 will determine the winner, who will also get a $2,500 first-place prize.
Second place will receive $250 and a 240-gigabit HyperX 3K solid-state drive, third place will get $250 and a 240-gigabit V+200 solid-state drive, and fourth place will receive an 8-gigabit 25-year anniversary USB flash drive. Kingston employees received the 8-gigabit drive as part of an anniversary celebration in Fountain Valley.
Tu and Sun left Irvine-based computer maker AST Research to start Kingston after losing millions in the 1987 stock market crash.
“When David and I started Kingston, we were totally broke,” said Tu, who serves as chief executive.
In 1996 the duo sold 80% of the company to Japan-based Softbank Corp. for $1.5 billion.
They bought it back at a steep discount three years later.
Today, Kingston is the world’s largest maker of memory products for computers and consumer electronics—a distinction it’s held for at least five years. Tu and Sun consistently rank in the top echelon of Orange County’s wealthiest.
“A lot of our early success was due partially to luck, and people who dealt with us before liked us and gave us a lot of help,” Tu said. “David and I feel very fortunate and are truly amazed at the thought of where we started and where we are today.”
The Business Journal estimated Kingston had sales of $5.8 billion in 2011, down 11% from a record $6.5 billion posted in 2010 amid a global surge in sales of DRAM products, the most common type of memory used in computers and Kingston’s biggest source of revenue.
Pitch Fest
At least eighteen OC technology startups will compete in Tech Coast Venture Network’s seventh annual fast-pitch competition Nov. 15, with the chance of landing a $25,000 investment.
Judges include Jim Andelman, cofounder and managing partner of Santa Barbara-based Rincon Venture Partners; Dave Berkus, founder and president of the angel VC fund Berkus Technology Ventures LLC, and former chairman of the Tech Coast Angels in Irvine; Stephen Block, managing director of Venture Farm LLC in Mission Viejo; Robert Holmen, managing director and cofounder of Corona Del Mar-based Miramar Venture Partners; and OC entrepreneur and consultant Kirsten Mangers.
The event will be held at Chapman University.
Orange-based Tech Coast Venture Network was established in 1984.
Leo Props
Fisker Automotive Inc.’s latest award recognition from Fast Company magazine was applauded by company pitchman and investor Leonardo DiCaprio, who tweeted the Anaheim-based luxury automaker a congrats.
The New York-based publisher gave Fisker an Innovation By Design Award in the transportation category for its flagship sedan Karma, which features an advanced power train that combines an electric motor with a gas-powered engine. It has a base price of about $103,000.
In July DiCaprio partnered with Fisker to promote global environmental sustainability. The actor, who has more than 3.6 million followers on Twitter, received the first Karma off the production line.
AirTouch Loan
Newport Beach-based startup AirTouch Communications Inc. has secured a $2 million loan from an unnamed institutional investor, according to a recent regulatory filing.
The proceeds will fund the release and development of the company’s SmartLinX product line, which allows consumers to use smart phones to make and receive calls from a landline via Wi-Fi.
“We believe that this new capital will allow us to accelerate the timetable for delivery as well as to facilitate future growth,” said Chief Executive Hide Kanakubo.
The loan carries a 15% annual interest rate on unpaid principal.
AirTouch also issued the investor a warrant to purchase 100,000 shares of common stock, over a three-year period, at a price of 75 cents per share.
