eoSemi secures $2.3 million second tranche of funding

CONGLETON, UK: eoSemi, the all-silicon oscillator company, confirmed that it has secured a $2.3 million (£1.5 million) second tranche of funding. All of the company’s existing investors, including NESTA Investments, Capital-E, and EV, participated in the latest round of financing.

“The continuing commitment of our investors is a ringing endorsement, not only of our core technology, but also of the progress made by our team towards bringing that technology to market,” said eoSemi CEO, Ian Macbeth. “We are addressing a long-term market opportunity in excess of $4bn, and moving confidently from early-stage technology development towards commercial success.”

eoSemi’s core technology enables new timing devices based entirely on silicon circuitry. These can replace the costly, bulky and unreliable external quartz crystals that are still used in even the newest consumer and industrial devices, from mobile phones to televisions. eoSemi's new silicon approach allows a timing reference to be placed directly onto a silicon chip, reducing the number of parts required for each device and therefore the cost and size.

“A viable, cost-effective silicon timing solution is the holy grail for chip designers and makers of consumer products around the world,” said Mark Sherwood, CEO at specialist industry analyst firm CS &A . “Such a solution would immediately cut costs and improve reliability: but just as important, it will open the path to silicon integration, which has been the historic driver for the whole of today’s electronics industry.”

Libby Kinsey, Investment manager, at NESTA investments said: 'We are delighted to be able to continue our relationship with eoSemi, as the team continues to execute professionally and deliver on its promises. The UK has a highly successful microelectronics industry, and NESTA is determined to play its part in supporting its development.”

Marc Wachsmuth, partner, Capital E Partners added: “We continue to see enormous potential in eoSemi, and are delighted at the company’s progress so far. At Capital E we remain convinced that eoSemi ticks all the boxes for a successful technology start-up, combining an outstanding team with defensible IP and a compelling need in the market.”

Ed French, Investment director, EV said: “EV invests in early-stage companies across the UK, and across a variety of sectors. eoSemi has made remarkable progress in developing the first really viable alternative to quartz in a century of electronics development.”