eoSemi completes £1.5m funding round
Congleton technology company eoSemi has secured a £1.5m second tranche of funding from existing investors.
EV, which first supported eoSemi in October 2009, has invested alongside the UK government-backed fund NESTA Investments and the Belgian fund Capital-E.
This latest funding round aims to allow the company to continue its work in developing silicon replacements for the quartz crystals currently used in electronic devices.
eoSemi chief executive Ian Macbeth said: "The continuing commitment of our investors is a ringing endorsement, not only of our core technology, but also of the progress made by our team towards bringing that technology to market.
"We are addressing a long-term market opportunity in excess of $4bn, and moving confidently from early-stage technology development towards commercial success."
eoSemi's said its technology would enable the creation of new silicon devices to replace the often costly, bulky and unreliable external quartz crystals that are used in consumer and industrial devices.
Ed French, investment director with EV, said: "eoSemi has made remarkable progress in developing the first really viable alternative to quartz in a century of electronics development. Its approach will allow manufacturers to reduce the number of parts required for each device and therefore the cost and size."
