Toumaz has raised £11.2m through a share placing and a large portion of the money raised will be invested Toumaz Microsystems, its recently established fabless chip joint venture with Imagination Technologies.
It will design wireless semiconductors for the growing area of internet and cloud-connected applications.
“The clear trend toward wireless and cloud-connected devices across many embedded markets is set to change the way we live and is creating huge opportunities," said Professor Chris Toumazou, CEO of Toumaz.
Target markets include healthcare, home automation as well monitoring devices and toys.
Toumaz Microsystems has developed an ultra-low power radio receiver and transmitter chip incorporating the new IEEE standard 802.15.6, for Body Area Networks.
According to the firm, the IEEE standard has very recently been approved ahead of plan and part of the additional funds will enable Toumaz to develop the first chip incorporating the new standard alongside other key low power radio standards, such as Bluetooth LE and Zigbee, as quickly as possible.
“The recently approved IEEE standard gives us a window of opportunity to move quickly to set the industry standard for ultra-low power wireless chips for use in Body Area Networks and also the wider wireless home and enterprise connectivity environments," said Toumazou.
Toumaz has identified opportunities in the Far East.
“Our partnership with Imagination Technologies combined with our skills and know-how give us major competitive advantages and the tools we need to exploit the opportunities that we are seeing,” said Toumazou.
The placing price was 8.75p per share.
www.toumaz.com