AAA Venture backers give up shares in Advasense

Venture backers give up shares in Advasense

Israel-based mobile chip company Advasense has reportedly seen its venture backers give their stock to employees.

Local news provider Calcalist said the investors "transferred all of their holdings in the company to three employees, for no compensation".

In addition to the employees, the company is also owned by Krauss, a loan fund that invested $1m in Advasense, Calcalist said. Subsequently to the deal, which has just been revealed after completing last year, Advasense gained $6m to $8m from trade peer Aptina.

Advasense was launched in 2004 and raised $4m the following year from BlueRun Ventures, then the in-house corporate venturing unit of mobile phone maker Nokia, and local investor Giza Venture Capital. It then closed its series B round at $20m in November 2007 from VentureTech Alliance, a corporate venturing firm of Taiwan Semiconductor, Taiwanese bank CIDC, as well as Giza and BlueRun.

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