Sheffield, England - 2 December 2014 - sureCore Ltd. today announced that it has received £1 million (US$1.6 million) in Series A funding from Capital-E, Antwerp, Belgium, bringing total start-up funding to £2.1 million (US$3.4 million). sureCore is a leading edge, low-power SRAM IP company focused on advanced technology nodes.
The investment is significant in today's semiconductor IP market, demonstrating renewed investor interest in the sector, according to sureCore CEO, Paul Wells. Funding was secured in part by successful 28nm test chips run in March of this year that delivered more than 50% power savings versus industry-standard embedded SRAM.
This round will fund the company's planned engineering expansion, productisation and commercialisation of the company's low power, variability tolerant SRAM technology that is currently undergoing evaluation at a number of leading semiconductor companies. Initial funding came from Finance Yorkshire's Seedcorn Fund, and an innovation award from Innovate UK.
"We have worked very hard to maximise value for all of our stakeholders and have achieved major technology advances in an extremely capital-efficient manner. This funding comes at an ideal time and accelerates our drive to silicon results through our early development partners," explained Wells.
By partnering with a number of leading semiconductor companies, sureCore has gained access to advanced silicon processes. SureCore's partners benefit by gaining early access to world-leading, low power technology essential to success in many mainstream mobile and emerging Internet of Things (IoT) applications.
"By combining its capital-efficient business model with a deeply experienced design team, sureCore has delivered industry-leading innovation in the critical arena of low power, bringing substantial benefits to our customers in the form of extended battery life, better thermal performance and improved reliability," said sureCore's Chairman, Guillaume D'Eyssautier.
Ashwin Kumaraswamy of Finance Yorkshire's Seedcorn Fund commented, "We were the founding investors in sureCore. Capital-E, a semiconductor specialist investor's involvement, further strengthens our investment philosophy of backing quality management teams to address large but specific market requirements. The investment will enable sureCore to gain customer traction by licensing its technology in the coming months."
sureCore Limited is an SRAM IP company based in Sheffield, UK, developing low power memories for next generation silicon process technologies. Its world-leading, low power SRAM design is process independent and variability tolerant, making it suitable for a wide range of technology nodes. This IP will help SoC developers meet both challenging power budgets and manufacturability constraints posed by leading edge process nodes.
Capital-E is an early stage venture fund focused exclusively on micro-electronics as well as new materials related ventures in Europe. Through its entrenched relationship with IMEC, the largest independent research centre in micro- and nano-electronics in Europe, Capital-E and its ventures can directly rely on the support of over 2000 scientists and engineers, as well as leverage on IMEC's 500+ worldwide partners to cost effectively promote adoption of highly innovative products.
The fund is managed by an independent team with expertise in electronics and materials and a balanced mix of entrepreneurial, industrial and VC experience.
More information can be obtained at www.capital-e.com
About Finance Yorkshire
Finance Yorkshire can provide seedcorn, loan and equity linked investments, ranging from £15,000 to £2million, specifically to help small and medium sized businesses meet the gaps in the market for the funding they need for growth and development.
Finance Yorkshire has been developed as a European JEREMIE* initiative and is capitalised by grants from UK Government (£15m), European Regional Development Fund (£30m) and finance from the European Investment Bank (£45m). (*JEREMIE stands for Joint European Resources for Micro to medium Enterprises)
Finance Yorkshire invests in businesses based or moving to areas within Yorkshire, the Humber, North Lincolnshire and North East Lincolnshire.