DecaWave, an Ireland-based indoor positioning technology provider that counts electronics producer LG and semiconductor maker ST Electronics as investors, has closed a $30m funding round.
The round was led by growth equity fund Atlantic Bridge Ventures and also featured venture capital firm ZZ Ventures and China Ireland Growth Technology Fund, which is jointly managed by Atlantic Bridge and VC firm West Summit Capital.
Founded in 2007, DecaWave produces microchips that enable devices to track the position of objects in indoor surroundings.
The company recently opened an office in the Chinese city of Shenzhen to strengthen its presence in a market CEO Ciaran Connell told The Irish Times is already responsible for 60% of its revenue. It plans to grow its engineering team from 70 to 100 by the end of 2018.
“This funding allows us to accelerate our technology development to offer even tighter integration, lower power and more affordable solutions,” Connell said.
DecaWave has now raised $60m altogether, it said in a statement. LG invested an undisclosed sum in DecaWave in 2010 and the company’s earlier investors also include Enterprise Ireland, Hban and Select Capital.
ST provided $2.6m in April 2017 in a deal that took the company’s funding over a two-year span to €30m ($31.5m), according to The Independent.
– Image courtesy of DecaWave Ltd. This article was amended on February 23 to take into account a press release from DecaWave.