Welsh technology start-up DeepStream Technologies announced that is has secured BPD 10 million (approx. U.S. $18.0 billion) of financing to establish manufacturing of digital sensors Bangor, North Wales, UK.
Doughty Hanson Technology Ventures, with participation by DeepStream’s founders, provided the first round of equity financing. Additional funding has from a Regional Selective Assistance grant from the Welsh Assembly Government and bank financing.
DeepStream said it is the first company in the world with the technology to produce digital sensors in 3D packaging, in volume and at low cost. The technology reportedly will allow manufacturers of electrical control systems to embed levels of measurement and control never before possible.
Full-scale manufacturing will begin in early 2005. The technology will initially be applied to household and industrial products.
“Our unique technology allows customers to substantially differentiate products that have long been commodities,” Mark Crosier, chief executive of DeepStream Technologies said. “Initially, we are focusing on the electrical industry, where the potential is significant. In the future, we look forward to applying this technology to a number of equally large industries.”
to Daily News