Meanwhile in hardware news: ChipSensors, a developer of innovative silicon sensor chips to detect temperature, humidity and gases, has been sold to Texas-based Silicon Laboratories after a major share holder sold it 40% stake. The Bank of Ireland Kernel Capital Equity Fund has exited from the company in an all cash trade sale, though terms were undisclosed. It put €1.95m into ChipSensors.
Based at the University of Limerick, the company was started in 2005 by Tim Cummins after he secured €100,000 in a loan note from the early stage equity fund supported by Bank of Ireland, Enterprise Ireland and private investors.
Since 2005 a further eight separate investments by the Bank of Ireland Kernel Capital Equity Fund in ChipSensors followed, including that of April 2010 when the Company announced a €2m investment from a syndicate that included Enterprise Ireland and London based ETV Capital.