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Sensor Platforms Closes $6.6 Million Venture Funding
Funding to Accelerate Market Introduction of Standardized
Integrated Circuit Interface Device for High Volume Sensor Applications
SANTA ROSA, CA, November 10, 2005. Sensor Platforms, Inc (“Sensor
Platforms” or the “Company”) (www.sensorplatforms.com),
a fabless semiconductor company providing standardized integrated
circuits (“IC”) to the sensor industry, announced
the closing of a $6.6 million round of venture funding. The financing
was led by ArrowPath Venture Partners (www.arrowpathvc.com) and
Newbury Ventures (www.newburyven.com).
The proceeds from the financing will be used for product development
and market expansion. According to Intechno Consulting, the global
sensor market is projected to exceed $50 billion by 2008. The
Company is targeting sensor application developers in the wireless,
automotive, consumer electronics, and other high volume markets
where its products can dramatically accelerate time-to-market,
reduce risk and help suppliers achieve the lowest possible price
points. These markets, dominated by MEMS (micro electro-mechanical
systems)- based sensor solutions, are now growing at double digit
rates. Certain sensor applications within the consumer sector,
such as those in the cell phone and gaming markets, are expected
to grow at a sustained +20% compound annual growth rate for the
foreseeable future.
Every single sensor that exists requires some form of electronics
in order to enable its ability to make measurements. The Company’s
IC products provide this invaluable function in a compact, single,
and low cost platform that universally works across the vast majority
of known sensors. George Hsu, the Company’s Co-founder and
Chief Executive Officer, stated, “In January 2005, we produced
the first generation of our proprietary Universal Smart Sensor
Chip™. This product has been very well received by the market
as it provides, for the first time, a low cost, “off-the-shelf”
alternative to custom circuitry for enabling sensor applications.
Our venture financing will fund the development of our next generation
of products which will further extend our product and market leadership,
helping to create the next wave of killer sensor applications
within our target markets.”
David M. Traversi, the Company’s Co-founder and Chairman,
added, “We are pleased to have partners of the caliber of
ArrowPath and Newbury. These firms have tremendous experience
in building young technology companies into market leaders. We
were very selective in deciding which venture firms to work with
and we are delighted by our choice.”
Bruce Bauer, Co-founder of Newbury Ventures, said, I was attracted
by the highly proprietary nature of the Universal Smart Sensor
Chip™ and the massive size and explosive growth rate of
the sensor market that it enables. With each new sensor-based
application, there is a corresponding need for a chip that will
interface with the sensor and then process and condition its signal.
The lack of a standard solution has always been a major “pain
point” throughout the many industries involved in sensor
application development.”
Dan Brown, Technology Partner of ArrowPath Venture Partners, added,
“The Universal Smart Sensor Chip™ is revolutionary
in the sensor market. Never before has a single chip been able
to directly interface with and drive so many different types of
sensor elements. The demand for this product was immediately evident
to us.”
Messrs. Bauer and Brown will join Messrs. Hsu and Traversi on
the Company’s board of directors. Herb Dwight, a Co-founder
of the Company and formerly the Chief Executive Officer and Chairman
of Optical Coating Laboratory, Inc. (which was acquired by JDS
Uniphase Corporation), Superconductor Technologies, Inc., and
Spectra-Physics, is an active Board observer and advisor to the
Company.
About Sensor Platforms
Sensor Platforms is dedicated to being the world’s
leading enabler of sensor applications, by providing low cost,
high performance, “system-on-a-chip” integrated circuits
that:
- Interface directly with sensor elements;
- Eliminate the cost, time, and risk associated with sensor
interface development;
- Decrease unit costs dramatically of sensor applications; and
- Enhance sensor performance
Sensor Platforms’ proprietary Universal Smart Sensor Chip™
is the only chip that can directly interface with and drive most
types of sensor elements, including pulse, voltage, current, inductive,
capacitive, and resistive - providing the lowest cost and
highest performance available for a sensor solution. Sensor Platforms
is located at 1550 Airport Blvd., Suite 220, Santa Rosa, CA 95403.
www.sensorplatforms.com.
About ArrowPath Venture Partners
ArrowPath is an early-stage venture capital firm with over $325
million under management. The firm focuses on early and expansion
stage companies developing highly differentiated enterprise and
infrastructure technologies that offer a compelling value and
have the prospect of achieving market leadership. ArrowPath’s
partners have been involved with many successful companies including
E*TRADE, Digital Island, Critical Path, NetSec and Sanera. ArrowPath
Venture Partners is based in Redwood Shores, California. www.arrowapthvc.com
About Newbury Ventures
Newbury Ventures was founded in 1992 with the goal of building
a company known for its insight, integrity and global approach
to the business of venture capital. Newbury has successfully managed
investments valued over $500 million throughout the world. The
firm typically invests in high growth markets within the technology,
communications and IT industries. Newbury’s partners have
been involved with many successful companies including Oracle,
Cadence, Altera, Cirrus Logic, Atmel, PMC/Sierra, Broderbund,
Nellcor, Acuson, Jacada, Fundtech Ltd., Netro, ACC, Precise, Corvis,
Terayon, nCipher, Okena, Highwave Optical, and LEA (Laboratoire
Europeen ADSL). Newbury Ventures is based in the San Francisco
Bay Area. www.newburyven.com
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