MEMSDrive Raises $11M in Series B Funding
-Cross-Border Venture Capital Firm, Walden International, Leads Funding Round to Take Next-Generation MEMS Smartphone Camera Technology to Market
PASADENA, CALIF./SHENZHEN, PRC - October 19, 2016 -
MEMS Drive, Inc. announced today it closed an $11 million funding round, led by cross-border venture capital firm Walden International. Walden led the Series B at the head of a syndicate of investors to provide capital for MEMSDrive to ramp production of its MEMS (micro-electro-mechanical system) optical image stabilization (OIS) in smartphone camera technology.
In February 2016, global smartphone leader OPPO demonstrated its SmartSensor which uses MEMSDrive as underlying technology in a smartphone camera to handset industry media and analysts at Mobile World Congress in Barcelona. SmartSensor is the world’s first MEMS OIS actuator, and will dramatically improve premium smartphone camera performance and image quality. In March 2016 MEMSDrive announced that it is co-developing this technology with, OPPO.(Complete release available here: http://memsdrive.com/news/1.html)
“I am extremely pleased to be able to count a firm with the prestige and global reach of Walden International among our investors. The team at Walden added MEMSDrive to its semiconductor portfolio because MEMSDrive both demonstrated its value proposition, as well as the disruptive potential of the platform,” said Colin Kwan, CEO and co-founder of MEMSDrive. Kwan continued, “we plan to use the funds to support customer deliveries and to work with our eco-systems partners to bring product to market.”
MEMSDrive will demonstrate the SmartSensor MEMS OIS platform, integrated into an industry leading camera module, exclusively by appointment at the Sheraton Futian Hotel on Thursday, October 27, 2016, from 10:15 am to 8:00 pm. Please contact the appropriate media representative as indicated below for a demonstration appointment.
About MEMS Drive Inc.
MEMS Drive Inc. is an innovating semiconductor company that develops, manufactures and markets cutting-edge MEMS actuators. Our products target hardware applications in mobile imaging for portable electronics, including smartphones. MEMS Drive Inc. is at the forefront of driving higher performance and significantly improved mobile image quality.
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