LONDON TeraVicta Technologies Inc. (Austin, Texas), a provider of RF switches based on microelectromechanical systems, announced Monday (Apr. 18) that it closed a $10 million financing round.
Existing shareholders, Convergent Investors and Agave Capital, provided $7.5 million of equity financing, and the company secured an additional $2.5 million in venture debt financing from Horizon Technology Finance.
TeraVicta is shipping its first product, the TT712, a single-pole, double throw (SPDT) RF MEMS switch. Additionally, the company signed a manufacturing agreement with China Resources Semiconductor (CRS). CRS, a subsidiary of China Resources Logic Ltd. (Hong Kong), has agreed to provide high volume production of the RF MEMS switches, augmenting the present volume capabilities of TeraVicta's Austin, Texas facility.
"As investors in TeraVicta, we are excited to see the company add volume production capability to complement its existing R&D and marketing efforts. The company has developed best-in-class solutions and is generating high praise from industry leaders and customers," said Willard Hanzlik, a general partner at Convergent Investors, in a statement issued by TeraVicta.