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Ever since Cambridge-based Eliyon Technologies spun out of its parent company two years ago, the company hasn't needed to raise additional capital, said Jonathan Stern, Eliyon's founder and CEO.
The company was cash-flow positive for seven of its last eight quarters, Stern claimed.
But after a year of persuading, Stern agreed it was in the company's interests to take $7 million from Venrock Associates in its first round of funding.
"The old joke is...