The company, formed by former executives of the now defunct Baolab Microsystems, has plans to develop CMOS-based MEMS for three products: a low-cost accelerometer for wearables and toys; a high performance accelerometer for augmented reality applications and an RF tuner circuit for use in smartphones.
The company had previously said it planned to raise at least £400,000 using the Crowdcube platform (see Nanusens crowdfunds money for CMOS MEMS ) but now has raised £974,440 (about €1.11 million) for 21.3 percent of the company's equity according to the website.
Nanusens has a relationship with Globalfoundries for the manufacturing of MEMS.
As part of the funding initiative Nanusens has agreed to reduce its pre-money valuation to £3,6 million, from £8 million, in agreement with existing and new shareholders in order to improve the attractiveness of the investment opportunity. If all of crowd-sourced money went to Nanusens it would value the company at about £4.57 million.
Related links and articles: