Chip giant ST Microelectronics invests €2.5m in Irish tech company Decawave
Irish chip designer Decawave has secured €2.5m in funding from the venture-capital arm of tech giant ST Microelectronics.
It brings to well over €30m the amount raised by Decawave over the past number of years.
In 2015, it raised about €4m in funding to help accelerate its research and development programme for a new generation of chips targeted at the consumer sector.
Decawave develops chips that can be embedded in products so they can be precisely located. It's been working with the automotive industry and has seen increased interest in its products on the back of the growth in Internet of Things, consumer and industrial demand. Decawave is headed by Ciaran Connell, and its non-executive directors include former Intel Ireland general manager Jim O'Hara. Investors in the company include financier Dermot Desmond's IIU vehicle; private clients of Bank of Ireland; the wealthy Charnov family in Texas; Korean consumer electronics giant LG; and France-based SC Partners. The investment from ST Microelectronics' venture capital arm is further validation for the firm.
The venture-capital unit - ST New Ventures - was established in 2011 and targets investments at startup companies. Among its investment targets are companies such as Decawave, which are fabless chip designers - that is the manufacture of the chips is outsourced.