SANTA BARBARA, Calif.--(BUSINESS WIRE)--Innovative Micro Technology, Inc. (IMT) announced today a majority equity financing led by Cerium Technology, an investment firm focused on innovation in the IoT market.
“In the past five years we have matured this business from a development services firm into a volume manufacturer of innovative MEMS components. We are excited to partner with our new investors for IMT’s next chapter of growth.”
IMT is a pioneer in the design and manufacture of Micro Electro-Mechanical Systems (MEMS). MEMS technology leverages the precision and scale of semiconductor wafer manufacturing to make nano-scale structures on silicon or glass that dramatically improve the performance of devices that perform physical functions. The Company is the leading independent MEMS manufacturer in North America, partnering with innovative system-vendors and fabless device firms worldwide to create and sustain competitive advantage.
Proceeds from the financing will be used to increase R&D investments in the company’s standard process platforms, upgrade existing equipment, and to complete the installation of IMT’s new 8” (200mm) wafer fabrication line.
“We see strong growth in the demand for components serving optical, wireless, IoT, and medical sensing applications,” said Eldon Klaassen, Managing Director of Cerium Technology. “IMT has unique expertise and experience to become a leader in IoT technology.”
Craig Ensley, CEO of IMT, commented, “In the past five years we have matured this business from a development services firm into a volume manufacturer of innovative MEMS components. We are excited to partner with our new investors for IMT’s next chapter of growth.”
Innovative Micro Technology, Inc. (IMT) designs and manufactures Micro Electro-Mechanical Systems (MEMS) for sensing and communications applications. The Company has partnered with innovative customers to solve challenging technical problems and deliver breakthrough MEMS-based solutions. IMT serves customers from its 30,000 square foot class 100 wafer fabrication facility in Santa Barbara, supported by a dedicated staff of over 100 MEMS experts. IMT’s extensive experience spans the full spectrum of MEMS, including optics & fiber communications, sensors, relays & RF switches, and microfluidics biomedical devices. www.imtmems.com
About Cerium Technology
Cerium Technology is a venture capital firm that invests in technology for energy, IoT, and capital markets. The firm has created a unique and scalable process to find and evaluate opportunities for investment, design and execute investment transactions, create value with sound strategic and tactical direction, and generate extraordinary returns. www.cerium-technology.com
Innovative Micro Technology, Inc.