Venture-funded nanotechnology startups have to exist long enough on investment dollars to build up self-supporting revenue, or they must exist long enough to get to an acquisition or a public offering. Nantero, Nanomix, NanoOpto, Nano-Texas Instruments, and other nano companies announced large funding rounds in 1Q2005. They and other companies have those goals. No one has outright said they intend to go public, and executives are very publicly denying such plans. However, the increase of coverage of the nanotechnology startup community by investment banks is a definite sign that they are sniffing the possibilities of share offerings. The actions of the nanotechnology startups point in the same direction because the startups use their cash to develop total technologies, firm up licensing agreements with partners, and expand manufacturing abilities. Examples are cited include Nanotero, which has as its first priority finishing the transfer to manufacturing of its NRAM, or Nonvolative RAM, which is under development with LSI Logic. A spokesman for NanoOpto says venture capitalists want business models that work and that a current direction in venture capital toward product-centered, vertically-centered companies probably helped him raise funds. A spokesman for Apax Partners, who led the company investment in Nanomix, says the early startups mirror a shift back to later stage nano funding, or at least later stage in the context of emerging technology.