Semiconductor manufacturer, IceMOS Technology Corporation today announced it has secured pre-IPO funding as a result of meeting a London-based investor at the Northern Ireland Investment Summit in September.
IceMOS Technology is a global supplier of high-quality sensing and power technologies that are paving the way for energy-efficient solutions in power electronic systems. The company headquartered in Paradise Valley, Arizona, has a manufacturing center of excellence located in West Belfast, an advanced research innovation center in Tempe, Arizona, and a design center in Tokyo, Japan.
The deal, which sees pre-IPO funding valuing IceMOS at a market capitalization of $101Million (£80million) post money, will enable IceMOS to expand its Belfast team to more than 100 employees and increase its marketing and sales global footprint as it starts preparation for an initial public offering in the next 18 to 24 months.
“Our sensing and power technologies are paving the way for more energy-efficient and CO2-saving solutions that support decarbonization,” said Dr. Samuel J. Anderson, MBE, IceMOS Technology founder and chairman. “Adoption in applications such as artificial intelligence (AI), assisted and autonomous driving, data center cloud and edge computing power supplies, rapid chargers for electric vehicles, Low Earth Orbit (LEO) satellites and deep space exploration, are at the tipping point, leading to dynamic market growth. Products based on our technology roadmap represent a new class of semiconductors, essential to serve the efficiency demands of this digital economy market.”
The Northern Ireland Investment Summit was a collaboration by the Department for Business and Trade, the Northern Ireland Office, and Invest Northern Ireland, which hosted around 200 investors from across the world to visit Belfast with the aim of turbocharging inward investment into all corners of Northern Ireland.
RELATED: New technologies to help businesses in Northern Ireland to innovate in 2024
Secretary of State for Northern Ireland Chris Heaton-Harris said: “This fantastic multi-million-pound deal demonstrates the success of the Investment Summit, creating jobs and boosting investment into Northern Ireland. The event demonstrated Northern Ireland’s rich potential, and I am confident that the productive, global relationships it built will continue to benefit Northern Ireland businesses and communities for years to come. Congratulations to IceMOS and their London Investor on their productive new partnership.”
Minister for Investment Lord Johnson said: “Both our Northern Ireland Investment Summit and Global Investment Summit have shown how the UK is fast becoming a science and technology superpower, with billions of pounds flowing into all parts of our country which is spurring innovation and creating jobs. This multimillion-pound deal for IceMOS is yet another vote of confidence in our highly skilled advanced manufacturing and semiconductor industries and is a major boost for the burgeoning tech sector in Northern Ireland and the huge level of expertise that’s being fostered there."
Congratulating the company, Mel Chittock, Interim CEO of Invest Northern Ireland said: “Today’s announcement by IceMOS Technology reaffirms the success of the summit which laid the foundations for new partnerships to be forged. This deal will provide significant benefits for West Belfast and the Northern Ireland economy as a whole with IceMOS’ West Belfast workforce exceeding 100 employees post funding. It will also function as a transformative catalyst for IceMOS’ ongoing growth, further cementing its position in the global semiconductor industry. Congratulations to IceMOS and we look forward to helping it to continue its growth in Northern Ireland.”
Source: Written from press release
