CamSemi has announced an extension to its C round funding to bring the total sum raised to $34 million (€17 million). BankInvest Group is taking an $8 million equity stake in CamSemi through its New Energy Solutions VC fund and has become the second cleantech investor to back the company’s technologies, products and approach.
Carbon Trust Investments joined as CamSemi’s first shareholder focused on clean energy technologies when the C round funding – led by 3i and existing shareholders Scottish Equity Partners (SEP) and TTP Ventures – was initially announced in October 2007.
CamSemi is developing what are described as sophisticated ICs that will allow manufacturers to introduce highly "cost-efficient" mains-connected converters and battery chargers that are smaller, cheaper and more power efficient than existing wasteful solutions. The company’s first products were introduced at the end of last year and what are described as new lower cost, more efficient supplies for high volume consumer products are now in full-scale production. Two further controllers were launched in April this year targeting the low power cordless phone and audio markets; two major markets which the company claims are still dominated by linear power converters that typically waste about half the power they consume.
Jens Christian Mathiesen, Senior Partner at BankInvest New Energy Solutions commented, "BankInvest is actively investing to help bring more energy-efficient, sustainable technologies to market and is delighted to add CamSemi to our growing portfolio. The company’s products and value proposition in challenging the traditional power conversion sector are compelling. CamSemi is already shipping in volume and has a strong development pipeline supported by a clear, well managed strategy towards market leadership and long-term commercial success."
David Baillie, CEO at CamSemi commented, "We are delighted to have our achievements and products endorsed so strongly by BankInvest, who first approached us about taking a stake in our future following all of the worldwide publicity we received about our first products and C round closure. The additional funding we have secured will help support our ongoing product development programmes and allow us to further strengthen our sales and support resources for the world-class products that we have launched, as well as those still in the pipeline."