Intel's venture capital arm has joined a $12m funding round for a Swiss micro-electromechanical systems (MEMS) spin-off.
Colibrys, a spin off from CSEM (the Swiss Centre for Electronics and Microtechnology) has secured backing from Intel Capital alongside investors aventic, Banexi, the Banque Cantonale Vaudiose and TAT Investments.
For 20 years, CSEM has been involved in co-ordinating MEMS research at the Universities of Neuchâtel, Lausanne and Zurich and that taking place in the local high technology industry. It spun off Colibrys at the beginning of this year to commercialise the results of those collaborations.
Colibrys has more than 120 staff and a revenue target of $15m for this year. It supplies custom industrial MEMS products for a variety of applications including: optical components for the telecommunications and semiconductor equipment markets; accelerometers for transportation and inertial navigation systems; and magnetographic print heads for industrial printing presses.
Sean Neylon, CEO of Colibrys said a large part of the new funds will be used to double his company's manufacturing capacity in the coming year. He added that the new investors would be active participants in developing the business.