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News Article

Qualtre Gains $10M in Funding to Fuel the Launch of Multiple Products

 
Qualtre Inc., has announced the closing of a $10M round of financing. The new funding will enable the company to launch multiple products targeting both high-volume consumer and industrial applications. These products are based on the company's highly differentiated BAW gyroscope architecture, which underscores the versatility of the company's core technology. The round consists of equity financing from Matrix Partners and Pilot House Ventures, as well as debt financing from Eastward Capital Partners.

"We are seeing tremendous interest from both top tier customers as well as strategic partners," explained Edgar Masri, CEO of Qualtre. "We attribute this to the fact that people recognize the strengths of our fundamental technology, and they also believe that our differentiated BAW technology is much safer in terms of intellectual property rights and long-term supply assurance than the tuning fork gyros implemented by other companies. We believe that we have the only technology which can provide the performance scaling and environmental robustness needed for applications ranging from consumer to high-end IMU's. We will use this funding round to develop products for key applications which can benefit from the combination of robustness, performance, and cost-optimization which our products will provide."

MEMS gyroscopes are experiencing the same rapid growth rate that MEMS accelerometers experienced a few years ago, driven by growing adoption in products ranging from mobile handsets to gaming remotes to cameras to electronics stability control systems. Industry analysts estimate that the market for gyro sensors will grow to $1.5B in consumer electronics application alone by the year 2015.

"We are excited to see customers and partners accelerate their interest in Qualtre's BAW technology," said Stan Reiss, a General Partner with Matrix Partners. "We believe that by developing multiple products which use the same design building blocks, and at the same time address the needs of specific applications and markets, the company is delivering maximum value to its customers."

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