KERNEL CAPITAL and International Investment and Underwriting (IIU) have co-led a €2 million investment in Dublin chip-maker DecaWave. The investment will focus on the company’s ScenSor product, which can identify the indoor location of a tagged item within a 10cm radius.
According to DecaWave chief executive Ciarán Connell, the money will be used to make the semiconductor production-ready with a view to mass production in early 2012.
“It’s one thing to have a chip out there that does what you want it to do but it’s another to have it production-ready; it generally takes nine months to get to that stage.”
DecaWave has already struck a deal with Korean company LG for the chip and believes it has a clear application in industries like healthcare, where it could be used to track inventory or even patients, and agriculture, manufacturing, security and safety.
This investment from Kernel and IIU brings to €7 million the amount raised by DecaWave so far. DecaWave employs 18 people but that could double within the next 18 months.
