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September 27, 2006
Embedded Sensor-Maker DeepStream Raises GBP8M
3i has switched on to the rapid growth at Welsch startup Deepstream Technologies, a developer of embedded sensor components that offer the systems that host them significant energy savings. The UK venture firm led an £8M series B round, joining early investor Doughty Hanson Technology Ventures.
DeepStream, which is based in Bangor, Wales, has won customers in the building automation market that use its sensor components in lighting switches. The plan is to use the new capital to expand its range of products for new markets in energy management, medical and appliance sectors, as well as expanding its operations to increase capacity.
The startup was founded in early 2003 under another name and bootstrapped itself until it got a £1.2M government grant to be spread out over three years. A few months later Doughty Hanson invested and the startup was re-named DeepStream. It now employs about 50 people and has raised total equity, debt and government grant funding of £25m, including this new VC round.
Read - 3i leads financing, joining Doughty Hanson to invest in DeepStream Technologies (press release)
Posted on September 27, 2006 08:44 PM | Posted to Emdedded Systems | Venture Capital | Permalink
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