TeraView clinches $5.5m global growth funding
TeraView, the Cambridge UK based pioneer and leader in Terahertz systems and solutions has secured $5.5m of investment from a consortium of US, Asian and EU based institutional and corporate investors.
The investment will allow TeraView to accelerate the growth of its semiconductor, industrial and analytical business in Asia, the US and the EU.
Key areas for focus include sales and marketing in Asia, as well as further product development in its semiconductor inspection market. Funding will also be used to enhance support and collaborations with existing customers in these markets.
The investment has been secured at a time when TeraView has successfully demonstrated Terahertz applications across a variety of different industries, and there is a growing business need for the unique capabilities of Terahertz light.
This need is driven, for example, by the mobile phone and consumer electronics industries, which aim to overcome limitations in the speed and functionality of current integrated circuits (ICs).
Terahertz can be utilised in the development and manufacturing of both existing and new generations of semiconductor ICs, which are now widely used in mobile phones and tablet computers. Intel and other major semiconductor manufacturers currently use TeraView’s products.
TeraView has successfully secured customer funding to develop products in these and other markets. With the new capital from investors, TeraView will scale up its product delivery and manufacturing to meet increasing order patterns from current and new customers.
The funding round was led by New Hill Management and Full Circle Investments in the US, together with YFM Equity Partners and Turquoise International in the UK and other investors. Turquoise International invested on behalf of the UK Low Carbon Initiative Fund (LCIF), based at the University of East Anglia.
Don Arnone, TeraView's CEO said: “We are delighted to have attracted support from new investors, including some of our key customers. The geographical spread of our investors – US, Asia, EU - also reflects the global nature of our business.
“Customers are deploying our products at their production sites across the world, and this investment greatly enhances our ability to support those customers, as well as expand our product development and sales and marketing activities in strategic areas such as the Asian semiconductor market.”