ChipSensors secures €2m in venture capital

VENTURE capital firm, Kernel Capital is leading a €2 million investment in a Limerick-based semiconductor firm.

Kernel Capital, the Bank of Ireland seed and early stage equity fund, will make the investment in ChipSensors, a developer of silicon sensor chips based at the University of Limerick.

Syndicating partners were Enterprise Ireland and London-based ETV Capital.

Chief executive of ChipSensors Tim Cummins said: “The funding will be used to enhance the firm’s sales and marketing channels for its temperature and humidity sensor chips and is being made following positive feedback from a number of the world’s leading industrial and automotive companies after qualification testing of the company’s silicon chips.”

The company said this investment will enable it to commercialise the technology.

It said that negotiations are under way with partners for market and distribution channel support in the US, China, and Japan.

Managing partner of Kernel Capital Niall Olden said they were pleased with ChipSensor’s progress to date in bringing the digital sensor technology to market.

“The company’s sensor-chip samples have been tested by global equipment companies for use in such diverse applications as Building Energy saving, automobile air-conditioners, monitoring of perishable goods-in-transit, and emissions monitoring and control,” he said.

ChipSensors is what is known as a ‘fabless’ semiconductor firm, which means that it designs chips but outsources or licences manufacturing to other companies.

The company specialises in developing chips for sensors to measure atmospheric conditions, such as temperature, humidity and the presence of pathogens or certain gases.

Director of ETV Capital David Bateman said the company has demonstrated “sound business judgment” in patent-protecting the technology and field-testing it with customers and partners before ramping up its technology to full-scale production.

“ETV Capital is delighted to support innovative and ambitious Irish technology businesses such as ChipSensors,” he said.

Michelle O’Grady of Enterprise Ireland said ChipSensors is a good example of ‘smart-economy’ industry-university collaboration.

“We now look forward to seeing the company move to the next level of commercialisation, jobs-growth and ongoing innovative development,” she said.