Imaging company TeraView has closed a £3.2m ($5.5m) investment round from a consortium of US, Asian and EU based investors to capitalise on a new market opportunity presented by the explosion in mobile computing.
The company, which spun out from the Toshiba Research labs in Cambridge in 2001, develops imaging systems using Terahertz light for applications in the semiconductor industry, healthcare, pharmaceutical production and homeland security.
The company says there is an "increasing business need" for Terahertz light imaging, particularly in the mobile phone and consumer electronics industries, "which aim to overcome limitations in the speed and functionality of current integrated circuits."
"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," according to the press release.
A key application of the technology is the detection of faults and quality variations in semiconductor integrated circuits. Intel and other major semiconductor companies use Tearview's products, it says.
Teraview says it will use the cash to accelerate the growth of its semiconductor, industrial and analytical business in Asia, the US and the EU by scaling up its product delivery and manufacturing. The company will focus on 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."
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."
The funding round was led by New Hill Management and Full Circle Investments in the US, YFM Equity Partners and Turquoise International in the UK and unnamed investors in Asia. Turquoise International invested on behalf of the UK Low Carbon Initiative Fund. Teraview says corporate as well as institutional investors participated in the round.
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