Chip firm raises €2m in venture capital funding

3 Nov 2010

Chip firm DecaWave, which has developed a semiconductor that solved the problem of accurately tracking an object or person using low-cost wireless sensors, has raised €2m in an investment round led by Bank of Ireland Kernel Capital Fund and investors, including Dermot Desmond.

The investment in this early stage semiconductor company is co-led with Desmond’s International Investment and Underwriting (IIU).

An Enterprise Ireland-supported company, DecaWave provides real-time location and wireless sensor solutions.

DecaWave’s flagship product, ScenSor, is gaining significant interest from many market leaders. The ScenSor chip solves a range of problems, including how to identify and accurately track the specific location of any object or person, utilising low power and low-cost wireless-enabled sensors. 

“We have been keeping a close eye on DecaWave’s progress for a while now,” said Dr Daniel McCaughan, chief technology adviser of Kernel Capital.

Pioneer in UWB technology

“With two patents issued and over five more pending, DecaWave has continuously developed its innovative technology and is a pioneer in the commercial application of UWB technology. We believe that the company has proven all the basic building blocks to ensure this early stage company has the potential to make a major global impact,” McCaughan said.

Based on its novel, patented ultra wideband (UWB) technology, there are many applications for the company’s products, including health, manufacturing, safety and security.

The investment funds will be used to accelerate the next phases of growth for ScenSor technology. DecaWave has already established a partnership agreement with leading Korean telecommunications company LG Innotek, who will manufacture modules based on DecaWave’s ScenSor chips.

Pat Gaynor, managing director of corporate banking at Bank of Ireland, said: “Bank of Ireland is delighted to be part of this latest investment in Decawave.

“It is vital for Ireland to be investing in the future, and our partnership with Kernel Capital is providing funds to assist the progress of new and exciting companies which are the engine of national long-term growth.”

Ciaran Connell, CEO of DecaWave, added: “DecaWave is delighted to have Kernel Capital and International Investment and Underwriting as our new investment partners. We regard their support as a significant vote of confidence in our vision.”

DecaWave’s management team consists of communication technology veterans. The company employs 18 people and a number of contractors based in Dublin, France, the US and Asia.

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years