ICON secure £14.8m for Optical Micro Devices in its first funding round.
Optical Micro Devices is an optical component foundry providing opto-electronic components for use in equipment powering the internet and mobile communications. Optoelectronic components is the fastest growing part of the micro-electronics sector and world demand is soaring. OMD will be the first company in the UK to produce them on an eight inch wafer.
Major customers OMD hope to supply include Hewlett Packard and Lucent Technologies.
Funding was provided by a syndicate of investors and will be used to establish OMD’s manufacturing operation.
“ICON was recommended to us because of its track record in IT and its reputation for maximizing shareholder value. They used their key relationships with VCs and investors to help us raise £14.8 million from Japan, Israel, North America and the UK, and they went on to negotiate a superb deal for us.”
Neil Lethby, CFO, Optical Micro Devices