eoSemi set to revolutionise old crystal-based timing methods
Yorkshire-based semiconductor company eoSemi has closed a £3m funding round led by NESTA Investments and Capital-E alongside existing investors Enterprise Ventures (“EV”) via its RisingStars Growth Fund II and South Yorkshire Investment Fund.
eoSemi is taking to market a new timing device based entirely on silicon circuitry, which is set to replace the old quartz crystal mechanism still used in even the newest consumer and industrial devices. Although other technology has developed rapidly, timing mechanisms used in all varieties of electronic systems are still largely reliant on old twentieth century quartz technology.
eoSemi has developed an all-silicon replacement for quartz crystals allowing a move away from physically-vibrating quartz devices. Traditional quartz crystals have high manufacturing costs, can be bulky in size and are susceptible to shock damage. eoSemi’s new silicon approach allows a timing reference to be placed directly onto the existing silicon of the device, reducing the number of parts required for each device and therefore the cost and size.
The new technology looks set to replace quartz crystals in a wide range of consumer goods from mobile phones to televisions, as well as in industrial & automotive systems and wireless applications.
Libby Kinsey, Investment Manager, at NESTA investments said: ‘We have worked with eoSemi for a year and are proud to be part of a company that combines a billion dollar addressable market with a world-class technical and commercial team. Standing on the shoulders of the UK’s successful microelectronics industry this deal shows that there are great opportunities for investors in the sector and demonstrates NESTA’S commitment to investing in the UK’s most promising technology based businesses.’
eoSemi was founded by Ian Macbeth, Adrian Bratt, Steve Harrold and Jon Goldfinch, who each have years of experience in the semiconductor industry. The company has also received significant support from Alastair Walmsley, part time finance director for eoSemi.
Ian Macbeth, CEO of eoSemi, said: “This investment represents a major milestone for eoSemi as we make the transition from a successful early-stage technology startup into a commercial enterprise facing a tremendous global market. We welcome NESTA and Capital-E who join Enterprise Ventures in supporting the business and in providing the opportunity to move forward. This is an investor group with great outreach that can clearly help place eoSemi on a strong footing.”
Marc Wachsmuth, Partner, Capital E Partners added: ‘The eoSemi investment fits well within our sweet spot as a fund. The company has a differentiated market position in a large and growing market. It combines a credible team, relative low technology hurdles with defensible IP and good early commercial traction. We are looking forward to helping the company to growth and success. ’
Ed French, Investment Director, EV said: ‘EV is delighted to see the good progress of its original investment in eoSemi which has been due to the excellent work of the company’s management. EV is always keen to work with and back talented technical teams with ambitious plans to change important markets”.
For further information contact Catherine Anderson, Communications Officer, NESTA on Catherine.firstname.lastname@example.org or 0207 438 2609
NESTA is the largest independent endowment in the UK. Its mission is to support innovation to drive economic recovery and solve some of the UK’s major social challenges.
Our portfolio of high tech companies includes some of the most exciting early stage companies in the UK and is a compelling demonstration of how a blend of private and public capital can drive world-beating, innovative UK companies.
Capital-E is an early stage venture fund focused exclusively on micro- and nano-electronics related start-ups in Europe. Through its entrenched relationship with IMEC, the largest independent research centre in micro- and nanoelectronics in Europe, the fund and its ventures can directly rely on the support of over 1500 specialised scientists and engineers, as well as leverage on IMEC s 500+ worldwide industrial partners such as NXP, Infineon, STMicroelectronics, Intel, Micron, Matsushita/Panasonic, Texas Instruments, Samsung and TSMC to speed-up the process of market entry. The fund is managed by an independent team with a balanced mix of entrepreneurial, industrial and VC experience.
EV is a UK-based independent fund manager which provides venture and growth capital of up to £2million to UK-based new or existing SMEs. It manages a range of funds and is able to invest at all stage of development, including seed, proof of concept and start-up through to development & replacement capital and MBO/MBIs.
Its technology investment arm, EV Tech, manages in excess of £50 million of funds specifically focused on UK technology deals.