Qualtré Adds Venture Financing for Micro-gyroscopesMay 30, 2012
Boston Business Journal
by Don Seiffer
Qualtré Inc. on Tuesday announced the closing of a $10 million round of financing to help launch new micro-sensors to be used in high-volume consumer devices and in industrial applications.
The funding comes from two Massachusetts venture capital firms and a Bay State venture debt provider, according to the company: equity financing from Matrix Partners of Waltham and Pilot House Ventures of Boston, as well as debt financing from Eastward Capital Partners in Newton.
Qualtré develops gyroscopic sensors less than a millimeter in size for use in game controllers, mobile handsets, digital cameras, portable navigation systems and other devices. Qualtré is developing its proprietary multi-axis bulk acoustic wave (BAW) MEMS gyroscope technology to address future demands, like energy exploration and automotive. The technology is based on research conducted by its founder and CTO, Farrokh Ayazi, at Georgia Tech’s Integrated MEMS Laboratory.
Founded in 2008, the company took in $8 million in Series B financing in 2010, and $10 million last July, both times from Matrix Partners and Pilot House Ventures.
“We are seeing tremendous interest from both top tier customers as well as strategic partners,” said CEO Edgar Masri in a statement. “We attribute this to the fact that people recognize the strengths of our fundamental technology, and they also believe that our differentiated BAW technology is much safer in terms of intellectual property rights and long-term supply assurance than the tuning fork gyros implemented by other companies.”
Masri, formerly CEO of 3Com Corp., was named CEO of Qualtré in 2009.