CamSemi attracts 2nd clean-tech funding
CamSemi, which first crossed The Chilli's radar screen back in June 2003, has successfully concluded its C round with an additional investor from Denmark’s BankInvest Group via its New Energy Solutions VC fund to bring the total C round to $34m (£17 million). Like many fabless companies who have recently raised large late stage rounds, it will be enough to see it through to its prime time, when the market turns more favourable.
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BankInvest Group is taking an $8 million equity stake in CamSemi and has become the second cleantech investor to back the company’s technologies, products and approach.
Carbon Trust Investments joined as CamSemi’s first shareholder focused on clean energy technologies when the C round funding - led by 3i and existing shareholders Scottish Equity Partners (SEP) and TTP Ventures - was initially announced in October 2007.
CamSemi’s technology allows manufacturers of mains-connected power converters and battery chargers to produce smaller, cost-efficient and power efficient products than existing solutions.
The company’s first breakthrough products were introduced at the end of last year and new lower cost, more efficient supplies for high volume consumer products are now in full-scale production.
CamSemi recently launched new products targeting the low power cordless phone and audio markets: two major markets still dominated by traditional linear power converters that typically waste about half the power they consume.
Jens Christian Mathiesen, senior partner at BankInvest New Energy Solutions said, “BankInvest is actively investing to help bring more energy-efficient, sustainable technologies to market and is delighted to add CamSemi to our growing portfolio. The company’s products and value proposition in challenging the traditional power conversion sector are compelling. CamSemi is already shipping in volume and has a strong development pipeline supported by a clear, well managed strategy towards market leadership and long-term commercial success.”
David Baillie, CEO at CamSemi added, “We are delighted to have our achievements and products endorsed so strongly by BankInvest, who first approached us about taking a stake in our future following all of the worldwide publicity we received about our first products and C round closure. The additional funding we have secured will help support our ongoing product development programmes and allow us to further strengthen our sales and support resources for the world-class products that we have launched, as well as those still in the pipeline.”
Total investment in CamSemi now totals £30.5 million
- Seed funding - £250K in Nov 00: Cambridge University (UCF- see original article from The Chilli
- A round - £3.75 million in Dec 02 3i, Scottish Equity Partners, TTP Venture Partners, Odyssey Ventures and Cambridge University
- B round - £9.5 million in Jan 06: 3i, Scottish Equity Partners and TTP Venture Partners
- C round - £17 million in May 08: 3i, Scottish Equity Partners, TTP Venture Partners, Carbon Trust Investments and BankInvest New Energy Solutions
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© Chilli Publishing Ltd 2008 |
5 JUN 2008 |
