Decawave to raise another €10m in months
Decawave, the Irish manufacturer of semiconductors, will raise another €10m early next year after closing a €4m investment round.
The company, which makes sensitive microchips that can be embedded in products so they can be precisely located, hopes to raise at least €10m from institutional investors, as well as from the angel investors who have traditionally invested in its business.
It has just completed a €4m funding round which will allow it to hire 10 extra staff.
The company sells its chips to other businesses, who use it in their own designs. Some 25 companies are already using the semiconductors in their products. Enterprise Ireland and chief executive Ciaran Connell both have equity stakes in the business.
Dermot Desmond's IIU and Kernel Capital had convertible loans with the company, which could have been converted to equity. However these loans were paid off in 2011.
DecaWave wants the €10m to treble its workforce, expanding its engineering team in particular. It wants to produce more iterations of its chips, which identify a person or objects location to with 10cm accuracy.
It intends to go for an IPO within the next three to five years.
Sunday Indo Business