France-based semiconductor manufacturer Aveni raised $13.5m in funding on Monday from consumer electronics company Panasonic and Air Liquide Venture Capital, the corporate venturing arm of industrial gases company Air Liquide.
Corporate-backed private equity fund Idinvest Partners, CEA Investissement, which acts as the investment vehicle of government-funded research organisation CEA, Auriga Partners, an undisclosed semiconductor maker and an unnamed angel investor also contributed to the round.
Aveni, previously known as Alchimer, revealed its new name at the same time as the funding. The company has also recently established a US-based subsidiary in Silicon Valley.
Aveni’s metallisation technology enables semiconductors to be produced on a smaller scale than previously possible, improving performance and yield. The company will use the funding to support the scaling of its manufacturing capabilities in anticipation of growing demand for the technology.
Panasonic previously invested an undisclosed sum in Aveni in 2010. The company raised €11m ($12m) from CEA, AGF Investments, which acts as a subsidiary of insurer Allianz, asset manager Rothschild Gestion and SPEF Ventures in Novmber 2014, according to French daily Les Echos.
Aveni had earlier secured $10m in series D funding in 2009 from AGF, Emertec Gestion and CEA. The company has not disclosed details about additional funding rounds.
Bruno Morel, chief executive of Aveni, said: “We have reached a significant point in our company’s history. We have the technology, partners and funding in place that make us ready for commercialisation.”
WCPAelios acted as financial adviser for Aveni on the round.