Sidsense, a Canadian developer of IP for the non-volatile memory market, has raised US$6 million in first-round funding. Vertex Venture Capital led the deal, and was joined by Tech Capital Partners, NTT Finance Corp. and Trellis Capital.
Sidense, a developer of memory semiconductor intellectual property (MSIP) cores for the Logic Non-Volatile Memory (NVM) market, announced today that it has raised $6 million in a venture capital financing round co-led by Vertex Venture Capital, a leading Israeli venture capital firm, and Tech Capital Partners of Waterloo, Canada. New investors joining the round are NTT Finance Corporation of Japan and Trellis Capital of Canada. The funds will be used to expand the company’s global marketing and sales efforts.
MSIP cores are memory design blocks that are used by semiconductor and electronic systems companies in the design of complex integrated circuits and systems-on-chips (SoCs), which are found in various applications such as flat panel displays, set-top boxes, wireless networks, PDAs, mobile phones, multi-function machines, radio-frequency identification (RFID) tags, and satellite radios. Sidense’s proprietary split-channel antifuse technology enables the design and development of one-time-programmable (OTP) or multi-time-programmable (MTP) memory blocks that are reliable, low-cost, scalable and secure alternatives to discrete flash, Mask ROM and embedded flash memory.
“We were especially impressed by the Sidense team – experienced entrepreneurs with a great mix of business acumen and technological expertise,” said Robert Genieser, Managing Partner of Vertex Venture Capital. “The company has created a large base of customers, and achieved strong initial revenue growth. Sidense is an emerging leader in this fast growing market.”
“The semiconductor industry is driven by a constant need to reduce size and cost and Sidense has found a way to significantly increase memory density at a lower cost point than its competitors,” said Andrew Abouchar, Partner, Tech Capital Partners. “When you consider the area of an SoC consumed by memory, the disruptive nature of Sidense’s technology becomes clear.”
“With limited marketing efforts to date, Sidense has generated strong sales of its Logic NVM products,” said Xerxes Wania, Chief Executive Officer, Sidense. “Several of our customers are currently in production using our memory IP and now is the ideal time to globally promote our technology and products to future customers.”
Sidense Corp., listed on EE Times 60 Emerging Startups list for 2008, focuses on developing non-volatile memory IP cores to be embedded onto standard logic CMOS ASICs and custom integrated circuits. Sidense’s 1T-Fuse� technology is ideal for feature sizes of 180nm and smaller. Applications include electrical fuse replacement, flash and mask programmable ROM replacement, code storage, RFID, unique ID, encryption, key storage and digital rights management (DRM). The company has offices in Mississauga and Ottawa, Canada and sales offices in USA, Israel, France, Korea and Japan. For more information, visit http://www.sidense.com.
About Vertex Venture Capital
Vertex Venture Capital is a top-tier Israeli VC with a strong international investor base, an experienced multi-disciplinary team of professionals, and an impressive track record of exits through M&A and IPO. Vertex provides unparalleled possibilities for companies in facilitating potential growth, business opportunities and leveraging synergies throughout Israel, Europe, North America, Japan and Asia. Vertex invests in technology companies in early stages of development in information networking and communications systems, software and components, digital media and enterprise software. For more information: http://www.VertexVC.com
About Tech Capital Partners Inc.
Based in Waterloo, Ontario, Tech Capital Partners manages $95 million in venture capital. Tech Capital provides seed financing, hands-on leadership, market strategy and operational guidance to early-stage technology companies that have the potential to compete at a global level. Since its inception in 2001, Tech Capital has invested in some of Canada’s most innovative high-tech companies, including: AideRSS (www.aiderss.com), Covarity (www.covarity.com), LiveHive Systems (www.livehivesystems.com), OverlayTV (www.overlay.tv), Sandvine (TSX:SVC; AIM:SAND) (www.sandvine.com), Sidense (www.sidense.com), Sirific Wireless (www.sirific.com), Software Innovation (www.softinn.com) and VideoLocus (acquired by LSI Logic). An active advocate of innovation and entrepreneurship, Tech Capital maintains a strong presence in the technology business community. For more information, please visit http://www.techcapital.com.
About NTT Finance Corporation
NTT Finance Corporation was established in 1985 as the first affiliate of NTT, which is the largest telecommunications company in Japan. NTT Finance Corporation offers various business services; leasing and installment, credit card and finance. In addition, their Strategic Technology Investment Department seeks out venture companies domestically and internationally with excellent technologies and provides them with financial and business development. For further information, visit http://www.ntt-finance.co.jp/eng/.
About Trellis Capital
Trellis Capital is a Toronto based, private venture capital firm. Trellis invests in compelling technology companies in the electronic, manufacturing, materials, energy and environmental sectors at various stages of technology development and commercialization. In addition to providing capital, Trellis offers its companies hands-on operational assistance where required and access to its Canadian and international networks. For more information please visit http://www.trelliscapital.com.