- The round also saw the participation of existing investors Cycle Capital, Economic Development Canada, Real Ventures and ND Capital
- Of the total funds raised, C$14 million is subject to Spark meeting operational milestones.
- The proceeds will be used to accelerate customer acquisition and partner engagements, as well as product development for major markets
Spark Microsystems, a Montreal-based fabless semiconductor company specializing in ultra-wideband (UWB) wireless communications, has raised C$34 million in Series B financing. An additional C$14 million in funding is subject to Spark meeting operational milestones.
The round was led by Idealist Capital, with participation from existing investors Cycle Capital, Economic Development Canada, Real Ventures and ND Capital.
Spark’s UWB short-range wireless technology reduces energy consumption for connected devices. Its performance attributes, the company said, are essential for enabling the next generation of wireless connected mobile devices and sensors optimized for high energy efficiency, driving a significant reduction in battery usage and replacement.
The round’s proceeds 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.
“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 Spark CEO Fares Mubarak in a statement. “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.”
Based in Montreal, Idealist Capital is a provider of growth capital to North American entrepreneurs focused on energy transition and decarbonization.