Menlo Microsystems, the US-headquartered electronic switch manufacturer backed by semiconductor system provider Microsemi and glass and ceramics producer Corning, completed its $44m series B round on Wednesday.
The round was led by venture capital fund 40 North Ventures and also featured Piva, Paladin Capital Group, Vertical Venture Partners and Future Shape.
Menlo Micro has created a form of electronic switch dubbed the Ideal Switch, which it claims combines the power handling and conductivity of metal-to-metal relay switches and the speed and reliability of semiconductors.
The company was spun off by industrial and power technology producer General Electric in 2016 with $18.7m in series A funding from its corporate venturing unit, GE Ventures, as well as Microsemi, Corning and Paladin Capital Group.
GE Ventures divested its share in Menlo Micro as part of a package of 11 portfolio company stakes sold to 40 North Ventures in July this year. Menlo Micro said this week the series B round took its funding to $78m altogether.
Russ Garcia, chief executive of Menlo Micro, said: “This is a major milestone for Menlo Micro and the deployment of the Ideal Switch, which we firmly believe to be the most important technological innovation in the electronics industry since the transistor.
“This round of financing will enable us to significantly accelerate our product development and the scaling of our production lines. It is an incredible validation that our investors are standing behind our truly disruptive technology and our team at a time of so much uncertainty around the world.”
