The (CAD) $34 million Series B financing, with an additional $14 million available subject to meeting operational milestones, was led by Idealist Capital and included existing investors Cycle Capital, Economic Development Canada (EDC), Real Ventures, and ND Capital.
This round of investment extends the company’s resources and will be used to accelerate customer acquisition and partner engagements, as well as product development for major markets spanning mobile electronic devices and smart sensors.
SPARK’s ultra-low power, low latency, high data rate wireless UWB transceivers provide greater levels of functionality and performance for a broad range of consumer, industrial, IoT, and automotive products.
“With strong backing from Idealist Capital and existing investors, SPARK Microsystems is well positioned to execute on its vision of creating high-performance wireless networks for a broad range of products with significantly longer battery lifecycles and reduced waste for a more sustainable, environmentally friendly future,” said Fares Mubarak, CEO, SPARK Microsystems. “This new financing marks a pivotal milestone in the mass market commercialization of SPARK’s UWB technology, equipping us to meet massive demand for breakthrough performance in short-range wireless connectivity.”
SPARK Microsystems’ UWB short-range wireless technology is able to dramatically reduce energy consumption for connected devices and its performance attributes are seen as essential for enabling the next generation of wireless connected mobile devices and sensors optimised for high energy efficiency, driving a significant reduction in battery usage and replacement.
Among the company’s recent milestones are its ongoing collaboration with industry standards organisations (IEEE, UWB Alliance, FiRaTM Consortium), the building of a global sales and distribution network and winning investment from Sustainable Development Technology Canada (SDTC) to improve energy efficiency in wireless devices.
SPARK transceivers – complemented with SDKs and reference designs – are designed into customers’ next-generation products in consumer and IoT sensor markets, with strategic engagements in progress with tier-one technology suppliers.
