$11 million fund secured by MEMS provider
InvenSense has announced it has secured $11 million in Series B funding. The infusion will finance the company's high-volume production ramp for its popular integrated dual-axis gyroscope and will fund the completion of new product development for the handset market. QUALCOMM Ventures participated in the round, along with existing investors Artiman Ventures and Partech International, who fully participated in the round.
The new round of funding is the next step in the company's strategy to pursue new market opportunities for integrated motion sensing in consumer electronics, including gaming and mobile handsets. Using its initial round of funding, InvenSense was able to complete development, testing and production of hundreds of thousands of units for its flagship IDG product family of dual-axis gyroscope, and to secure multiple design wins with major consumer electronics OEMs, including Sanyo Electronics.
The dual-axis gyroscope offers precision motion sensing accuracy through the measurement of rotational movement. Current applications include image stabilization in digital still cameras (DSCs), camera phones and motion sensing for 3-D computer mice. When used in conjunction with a separate accelerometer (that measures linear motion), the dual-axis gyroscopes can provide highly accurate, full motion sensing.
"The fully integrated gyroscopes enable new applications on mobile handsets, including image stabilization, gaming control and smart user interfaces," said Nagraj Kashyap, director of North American operations, QUALCOMM Ventures. "We are impressed by InvenSense's technology and product roadmap and are pleased to participate in this investment round."
"The infusion of new capital will enable us to build a broader infrastructure to handle demands for millions of units per month," said Steven Nasiri, chief executive officer and Founder of InvenSense. "We are seeking to expand our marketing and sales focus from digital camera market to gaming consoles, mobile handsets and other consumer electronics devices"
