PARIS Venture capital firms Sofinnova Partners and Motorola Ventures announced they have sold their stake in Sensitive Object SA, French developer of touch input technology, to Tyco Electronics, Ltd.
Tyco Electronics said it has acquired "all the shares of Sensitive Object for a consideration of approximately $62 million."
Other shareholders of Sensitive Object included the French Science National Research Center (CNRS) and the founders, management and employees of Sensitive Object.
Early December, Motorola Ventures, the company's strategic venture capital arm, announced it had invested in Sensitive Object. Financial details then remained undisclosed.
Sensitive Object is a spin-off from the CNRS. Sensitive Object was formed in 2003, and by 2004, received funding to speed up its development from Sofinnova Partners.
"Sofinnova invested in Sensitive Object at the very beginning when the company was one genius inventor with one patent back in 2004, incubated at ESPCI in Paris," said Jean Schmitt, managing partner with Sofinnova Partners.
He continued: "Sofinnova's aim is to back innovative technologies and entrepreneurs and help them tirelessly until successful exit. In short, we are convinced that bold investments and teamwork do pay off. We're pleased to have started the year off with this emblematic exit, demonstrating the strength of venture capital investment in Europe."
Sensitive Object is a developer of the so-called "multi-touch anywhere platforms" and a '"natural user interface (NUI)."
The company develops "tactilizing" any surface software. This technology leverages acoustics to analyze sound waves departing from the point of a touch.
It recently introduced its Anywhere MultiTouch platform. This new platform is multi-touch, Windows 7 compliant, offering handwriting recognition and palm rejection. It provides touch-sensitivity on the whole surface of the product, including screens but also any other parts of the product.
Sensitive Object has a workforce of more than 20 engineers and has operations in Paris and Singapore.
Earlier this week, Tyco Electronics Ltd. reported net sales of $2.9 billion for the fiscal first quarter ended Dec. 25, 2009, a 7 percent increase sequentially and a 7 percent increase compared to the prior-year period.