Dublin-based DecaWave Closes $30M Funding Round
DecaWave, a fabless semiconductor company specializing in precise location and connectivity applications, has announced the closure of a $30 million funding round from leading venture capital funds, Enterprise Ireland and existing investors.
Led by Atlantic Bridge Ventures (Irl), the round also includes the China Ireland Growth Technology Fund (China), ACT Venture Capital (Irl) and ZZ Ventures (China). The latest commitment brings total funding to date for DecaWave to $60 million.
The funds will be used to accelerate the development of DecaWave’s second-generation solution to address demand in the high-volume consumer and automotive markets. It will also allow DecaWave to further expand its presence in China, where it faces strong demand for its technology. The investment will also see Brian Long and Gerry Maguire of Atlantic Bridge join the board.
DecaWave offers Ultra-Wideband (UWB) wireless technology that provides precise location and connectivity for applications that can identify the specific location of any object, person, or place within centimeters. By enabling a broad range of applications, from advanced analytics for factory automation, logistics and hospitals to securing car access communication to delivering new forms of user interface in robotics and connected homes, DecaWave’s technology has already revolutionized many industries.
Founded in 2007 by Ciaran Connell, CEO, and Michael McLaughlin, CTO, DecaWave has seen significant traction in the market, with more than 3,000 customers leveraging its UWB technology since launching its flagship product – DW1000 – in 2013. DecaWave’s technology is already in production at tier one consumer and automotive customers, with more than four million units sold to date.
DecaWave was also recognized in early December by the Global Semiconductor Alliance (GSA) Private Awards Committee as the 2017 “Start-Up to Watch Award” winner. Venture capitalists and select industry entrepreneurs identify a company that has demonstrated the potential to positively change its market or the industry through the innovative use of semiconductor technology or a new application for semiconductor technology.
“The adoption of DecaWave technology in high-volume consumer and automotive applications is a major milestone for the company,” said Ciaran Connell, DecaWave CEO and co-founder. “Our vision has always been that our technology would play a key role in enabling the Internet of Things by accurately providing the ‘where’ functionality for applications. This location capability is key to driving efficiencies in industrial markets, designing new context-based user interfaces in consumer applications, guiding robots or building secure communication protocols. This funding allows us to accelerate our technology development to offer even tighter integration, lower power and more affordable solutions.”
“Today’s funding provides us with the opportunity to expand the company’s product portfolio as well as build out our global engineering and sales teams,” said Graeme N. Walker, CFO, DecaWave.
“We have a track record of supporting Irish companies through key stages of development and helping them commercialize their technology globally,” said Gerry Maguire, General Partner of Atlantic Bridge, which led the investment and jointly manages the China Ireland Growth Technology Fund. “DecaWave is among the most exciting companies we have worked with and, tellingly, is already doing business with leading global brands. Its potential is vast, and we believe it will become the most talked about Irish fabless semiconductor company of the decade.”
“DecaWave is already a success story both nationally and internationally and its growth curve is only going one way,” said Julie Sinnamon, CEO Enterprise Ireland. “Today is further evidence of that and we are delighted to have been able to support the business through a key development stage and enable them expand into global markets.”
About DecaWave :
DecaWave is a pioneering fabless semiconductor company developing a family of integrated circuit products, compliant to the IEEE802.15.4a standard, which can identify the specific location of any object, person or thing with a level of precision and reliability never achieved before. In addition, the data communication capability of the chip makes it a perfect fit for IOT applications and other low-power wireless network applications. With applications in diverse markets including automotive, robotics, connected home, phone accessories, factory and building automation, the company’s flagship DW1000 chip has garnered interest from more than 3,000 firms globally. DecaWave is headquartered in Dublin, Ireland, with offices in China, USA, and South Korea.
Source: DecaWave press release