Start-Up Funding For Revasum For Acquisition
Firsthand Technology Value Fund, a publicly traded venture capital fund that invests in technology and cleantech companies, has announced that it has participated in the initial funding of Revasum, a new entrant in the semiconductor equipment industry. Proceeds of Revasum’s initial round of funding have been used to acquire the CMP and grinding technology assets of Strasbaugh.
Revasum intends to focus on developing CMP and grinding technology for the semiconductor device market at 200 mm (wafer size) and below. The market for 200mm equipment has seen a dramatic resurgence recently, driven largely by rapid growth in the Internet of Things (“IoT"), power conversion, RF communications, MEMS (micro-electrical-mechanical systems), and LEDs (light emitting diodes).
“We see the increased activity in these markets, which are currently served by legacy products,and recognize the unique requirements of the customers in these sectors, as well as the need for new product development that is targeted for these markets," said Jerry Cutini, Revasum’s Chief Executive Officer. “Semiconductor equipment and materials technologies lie at the core of the global electronics industry," noted Kevin Landis, the Fund’s CEO. “We believe Revasum is in the right place at the right time and are pleased to support the company’s growth plans."