May 30, 2012 - BUSINESS WIRE -- Inertial sensor maker Qualtré Inc. closed a $10 million round of financing with 2 equity finance partners and one debt financier, all from Massachusetts, where Qualtre is based.
Matrix Partners and Pilot House Ventures contributed equity financing, while Eastward Capital Partners provided debt financing. Qualtre also raised $10 million a year ago, in July 2011.
Qualtré will use the funds to launch multiple products targeting high-volume consumer and industrial applications. The company offers a highly differentiated bulk acoustic wave (BAW) micro electro mechanical system (MEMS) gyroscope architecture, upon which the new products will be based. Developing multiple products off the same design building blocks then tailored to specific applications and markets delivers the most value for customers, said Stan Reiss, a General Partner with Matrix Partners.
Edgar Masri, CEO of Qualtré, also noted that the range of customers for Qualtre products have expressed that its BAW technology is safer in terms of intellectual property rights and long-term supply assurance than tuning-fork gyroscopes.
MEMS gyroscopes are used in end products from mobile phones to electronics stability control systems in vehicles, and diverse applications in between. Also read: Introduction to MEMS gyroscopes
Gyroscopes generated more revenues in 2011 than any other consumer/mobile MEMS. This was the first time gyroscopes topped accelerometers in consumer/mobile MEMS revenues, reports IHS. IHS expects MEMS gyroscopes to be a $1+ billion market by 2015.
Qualtré is a venture-backed company commercializing the next generation of solid-state silicon MEMS motion sensor solutions for cutting edge consumer and industrial applications. It builds upon research conducted by founder and CTO Dr. Farrokh Ayazi, at Georgia Tech's Integrated MEMS Laboratory. More information can be found at www.qualtre.com.
Matrix Partners is a venture capital firm. Internet: www.matrixpartners.com
Pilot House Ventures is a venture capital firm that invests in early-stage technology companies. Internet: www.pilothouseventures.com.
Eastward Capital Partners is a venture debt provider to companies in the Information Technology, Communications, Alternative Energy and Healthcare sectors. Internet: www.eastwardcp.com.