News Article
mCube secures $37million Series C financing round
The cash will be used to further accelerate mCube's growth and expand its series of motion sensors
mCube, provider of tiny MEMS motion sensors, has closed a $37 million Series C financing round.
Existing investors participating in the round include Kleiner Perkins Caufield & Byers, MediaTek, iD Ventures America, and DAG Ventures. New investors include Keytone Ventures, SK Telecom (China) Ventures and Korea Investment Partners. The firm plans to use the new funds to further accelerate its growth and expand its line of motion sensors. By 2020, TechLucia analysts predict more than 50 billion devices will be connected to the Internet and a large percentage of those devices will be in motion.
From smartphones and tablets, to smart clothing and wearables, mCube is enabling a new era called the "Internet of Moving Things (IoMT)" where the movement and context of everyday objects and devices can be measured, monitored and analysed, generating valuable data and insights that will transform consumer experiences. "mCube is well positioned with the world's smallest MEMS motion sensors to enable this high-growth new market we refer to as the Internet of Moving Things," says Ben Lee, president and CEO, mCube, Inc. "Virtually anything in motion can benefit from mCube's high-performance and low-power sensors. This latest financing round will enable mCube to accelerate its growth and develop more motion sensor products to capitalise on this massive IoMT market opportunity." "We expect to see sensors everywhere and on nearly everything in the not-too-distant future," notes Stella Jin, founding partner, Keytone Partners. "mCube is well positioned to lead this new era with the industry's only monolithic, single-chip design approach that is simple to manufacture and easy to design into a wide range of products." "mCube has proven its monolithic, single-chip MEMS technology by shipping more than 60 million units since its initial launch," adds Jerry Xu, director, Korea Investment Partners. "mCube is in a strong position to further accelerate its momentum, with backing by leading investors, an experienced management team, and patented sensor technology and software expertise. We are excited to watch the company continue to grow in pursuit of their vision to put a motion sensor on every moving object." Market Analyst Comments "mCube has achieved a technology leadership position in the market by delivering the world's smallest motion sensor," comments Jean-Christophe Eloy, president & CEO at Yole Développement. "With mCube's innovative approach, the company has a unique opportunity to transform the industry, making MEMS sensors ubiquitous on anything that moves." "It's rare for a new MEMS supplier to ramp to high volume quickly as MEMS are typically very complex and hard to manufacture," explains Tony Massimini, chief of technology for Semico Research Corporation. "It's especially impressive for mCube to ship 60 million units within 2.5 years of product launch. With a proven design that is ground-breaking in terms of its small size, manufacturability and high level of integration, mCube will be an important company to watch in MEMS." "A major hurdle for wearable technology and the IoT is the reduction in size of critical semiconductor components, including sensors, to enable smaller systems, reduce power consumption, and costs," says Michael Palma, research manager, consumer device semiconductors & electronics manufacturing services, IDC Corporation. "By shrinking the size of a sensor, it's easy to envision a world where these tiny devices are seamlessly incorporated onto everyday things, providing valuable motion and context-relevant data that enhance consumers' lives."
