10 January 2003 -- Micro-electro mechanical systems (MEMS) manufacturer PHS MEMS says that its shareholders have approved a EUR10m capital increase. AXA Private Equity, CDP Capital Technology Ventures, IDI Kairos, Thales Corporate Ventures, the Houston Group, ETF Group, private investors and management have all subscribed to a significant share of the round. The company also says that it has decided to leave the round open to potential new investors until March.
Founded in 1998, PHS MEMS is a global MEMS manufacturer operating out of its foundry in the Saint Egrève district of Grenoble, France, with an office in Emeryville, California, USA. The company claims that it is one of just a few ISO9001-certified companies offering an integrated combination of design, process and manufacturing know-how, backed by a portfolio of product technology blocks protected by some 20 patents.
PHS MEMS says that its specialist knowledge of RF and optical MEMS technologies have recently succeeded in attracting several major international clients, along with volume MEMS orders. The funds raised will partly be used to recruit additional operations staff to meet production commitments resulting from these new commercial contracts.
"This fundraising gives PHS MEMS the means to expand our resources in order to ramp-up our production volumes, while simultaneously allowing us to invest in an on-going improvement programme to ensure that our products and services continue to meet and evolve with our customers' needs," says CEO Thierry Touchais. "The fundraising will enable PHS MEMS to achieve break-even by Q1/2004."