Innovative Micro Technology (IMT) announced this week a majority equity financing led by Cerium Technology, an investment firm focused on innovation in the IoT market. IMT is a well-established player in the design and manufacture of MEMS devices. MEMS technology leverages the precision and scale of semiconductor wafer manufacturing to make micro and nano scale structures on silicon or glass that significantly improve the performance of devices that perform physical functions. IMT is one of the leading independent MEMS manufacturers in North America, partnering with innovative system vendors and fabless device firms worldwide to create and sustain competitive advantage. Proceeds from the financing will be used to increase R&D investments in the company's standard process platforms, upgrade existing equipment, and to complete the installation of IMT's new 8-inch wafer fabrication line.
"We see strong growth in the demand for components serving optical, wireless, IoT, and medical sensing applications," said Eldon Klaassen, Managing Director of Cerium Technology. "IMT has unique expertise and experience to become a leader in IoT technology."
Craig Ensley, CEO of IMT, commented, "In the past five years we have matured this business from a development services firm into a volume manufacturer of innovative MEMS components. We are excited to partner with our new investors for IMT's next chapter of growth."
IMT designs and manufactures MEMS devices for sensing and communications applications. The company serves customers from its 30,000 square foot class 100 wafer fabrication facility in Santa Barbara, supported by a staff of over 100 employees. IMT's experience spans the full spectrum of MEMS technoogies, including optics and fiber communications, sensors, relays and RF switches, and microfluidics based biomedical devices.
Cerium Technology is a venture capital firm that invests in technology for energy, IoT, and capital markets. The firm claims that it has created a unique and scalable process to find and evaluate opportunities for investment, design and execute investment transactions, and create value with sound strategic and tactical direction.
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