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Ceva, Inc. Announces Third Quarter 2024 Financial Results

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– Total revenue of $27.2 million, up 13% year-over-year
– Ceva-powered device shipments of 522 million units in the quarter, driven by a record of more than 400 million Bluetooth, Wi-Fi and cellular IoT combined shipments 
– Strategic licensing deals signed with satellite OEM for 5G-Advanced platform and smartphone OEM for Spatial Audio software
– First licensing deal signed for NeuPro-Nano embedded AI NPU targeting consumer AIoT
– Raises financial guidance for full year 2024
– Announces expansion of existing share repurchase program with an additional 700,000 shares

ROCKVILLE, Md., Nov. 7, 2024 /PRNewswire/ — Ceva, Inc. (NASDAQ: CEVA), the leading licensor of silicon and software IP that enables Smart Edge devices to connect, sense and infer data more reliably and efficiently, today announced its financial results for the third quarter ended September 30, 2024. Financial results for the third quarter ended September 30, 2023, reflect Ceva’s continuing operations only, with the Intrinsix business reflected as a discontinued operation, unless otherwise noted.

Operational Highlights:

Released second NeuPro-Nano embedded AI NPU – NPN64, available for licensingNew cellular IoT industrial module launched by STMicroelectronics based on Ceva cellular IoT platformNew AI/ML MCU family launched by Alif Semiconductor based on Ceva Bluetooth Low Energy and 802.15.4 IPsPartnership with Edge Impulse to enable faster, easier development of edge AI applications on Ceva-NeuPro NPUs

Total revenue for the third quarter of 2024 was $27.2 million, up 13% compared to $24.1 million reported for the third quarter of 2023. Licensing and related revenue for the third quarter of 2024 was $15.6 million, up 12% compared to $13.9 million reported for the same quarter a year ago. Royalty revenue for the third quarter of 2024 was $11.6 million, the fourth sequential year-over-year increase, and up 15% compared to $10.1 million reported for the same quarter a year ago.

Amir Panush, Chief Executive Officer of Ceva, commented: “We delivered another strong performance in the third quarter, driven by double-digit year-over-year revenue growth for both licensing and royalties. We continue to experience exceptional demand for our IP portfolio, as evidenced by strategic OEM customer deals for 5G-Advanced satellite communications and spatial audio for headphones and earbuds. We also achieved a significant milestone in embedded AI, with our first licensing deal signed for our NeuPro-Nano NPU targeting consumer AIoT devices. In royalties, strength in the consumer and industrial markets drove Ceva-powered shipments to the second highest quarter on record, including record combined shipments of Bluetooth, Wi-Fi and cellular IoT devices of more than 400 million units.”  

During the quarter, 10 IP licensing agreements were concluded, targeting a wide range of end markets and applications, including embedded AI solutions for consumer AIoT devices, 5G-Advanced satellite broadband for infrastructure and terminals, 5G for cellular IoT and V2X, spatial audio for headphones and TWS earbuds, and Bluetooth, Wi-Fi and UWB connectivity for wearables and hearables. Three of the deals signed in the quarter were with OEMs and three deals signed were with first-time customers.

GAAP gross margin for the third quarter of 2024 was 85%, as compared to 90% in the third quarter of 2023. GAAP operating loss for the third quarter of 2024 was $2.6 million, as compared to a GAAP operating loss of $2.7 million for the same period in 2023. GAAP net loss for the third quarter of 2024 was $1.3 million, as compared to a GAAP net loss of $2.8 million reported for the same period in 2023. GAAP diluted loss per share for the third quarter of 2024 was $0.06, as compared to GAAP diluted loss per share of $0.12 for the same period in 2023.

GAAP net loss with the discontinued operation for the third quarter of 2023 was $5.0 million. GAAP diluted loss per share with the discontinued operation for the third quarter of 2023 was $0.21.

Non-GAAP gross margin for the third quarter of 2024 was 87%, as compared to 92% for the same period in 2023. Non-GAAP operating income for the third quarter of 2024 increased 30% to $2.1 million, as compared to non-GAAP operating income of $1.6 million reported for the third quarter of 2023. Non-GAAP net income and diluted income per share for the third quarter of 2024 increased 137% and 133% to $3.4 million and $0.14, respectively, compared with non-GAAP net income and diluted income per share of $1.4 million and $0.06, respectively, reported for the third quarter of 2023. 

Non-GAAP net income, including the discontinued operation for the third quarter of 2023, was $0.4 million. Non-GAAP diluted income per share, including the discontinued operation for the third quarter of 2023, was $0.02.

Yaniv Arieli, Chief Financial Officer of Ceva, stated: “Our robust third quarter earnings more than doubled our non-GAAP net income and diluted income per share year-over-year. For the full year, we now expect overall revenues to be higher than previous guidance, at a new range of 7%-9% growth, enabling us to double our non-GAAP fully diluted EPS year-over-year. We continued to buy back the company’s stock during the quarter, repurchasing approximately 186,000 shares for approximately $4.2 million under our stock repurchase program. Furthermore, the Ceva Board of Directors today authorized the expansion of the company’s share repurchase program with an additional 700,000 shares of common stock available for repurchase, bringing the total shares available for repurchase to approximately 1 million. At the end of the quarter, our cash and cash equivalent balances, marketable securities and bank deposits were approximately $158 million, ensuring we are well-positioned to explore opportunities for non-organic growth.”

Ceva Conference Call
On November 7, 2024, Ceva management will conduct a conference call at 8:30 a.m. Eastern Time to discuss the operating performance for the quarter.

The conference call will be available via the following dial in numbers:

U.S. Participants : Dial 1-844-435-0316 (Access Code : Ceva)International Participants: Dial +1-412-317-6365 (Access Code: Ceva)

The conference call will also be available live via webcast at the following link: https://app.webinar.net/pyMYRB4aBXo. Please go to the web site at least fifteen minutes prior to the call to register.

For those who cannot access the live broadcast, a replay will be available by dialing +1-877-344-7529 or +1-412-317-0088 (access code: 2106460) from one hour after the end of the call until 9:00 a.m. (Eastern Time) on November 14, 2024. The replay will also be available at Ceva’s web site www.ceva-ip.com.

Forward Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties, as well as assumptions that if they materialize or prove incorrect, could cause the results of Ceva to differ materially from those expressed or implied by such forward-looking statements and assumptions. Forward-looking statements include statements regarding customer demand for Ceva’s IP portfolio, Ceva’s positioning for non-organic growth given its current assets and updated guidance for the full year 2024. The risks, uncertainties and assumptions that could cause differing Ceva results include: the effect of intense industry competition; the ability of Ceva’s technologies and products incorporating Ceva’s technologies to achieve market acceptance; Ceva’s ability to meet changing needs of end-users and evolving market demands; the cyclical nature of and general economic conditions in the semiconductor industry; Ceva’s ability to diversify its royalty streams and license revenues; Ceva’s ability to continue to generate significant revenues from the handset baseband market and to penetrate new markets; instability and disruptions related to the ongoing IsraelGaza conflict; and general market conditions and other risks relating to Ceva’s business, including, but not limited to, those that are described from time to time in our SEC filings. Ceva assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

Non-GAAP Financial Measures

Non-GAAP gross margin for both the third quarter of 2024 and 2023 excluded: (a) equity-based compensation expenses of $0.2 million and (b) amortization of acquired intangibles of $0.1 million.

Non-GAAP operating income for the third quarter of 2024 excluded: (a) equity-based compensation expenses of $4.2 million, (b) the impact of the amortization of acquired intangibles of $0.3 million and (c) $0.3 million of costs associated with business acquisitions.

Non-GAAP operating income for the third quarter of 2023 excluded: (a) equity-based compensation expenses of $4.0 million, (b) the impact of the amortization of acquired intangibles of $0.3 million and (c) $0.1 million of costs associated with business acquisitions.

Non-GAAP net income and diluted income per share for the third quarter of 2024 excluded: (a) equity-based compensation expenses of $4.2 million, (b) the impact of the amortization of acquired intangibles of $0.3 million, (c) $0.3 million of costs associated with business acquisitions and (d) Income of $0.02 million associated with the remeasurement of marketable equity securities. Non-GAAP net income and diluted income per share for the third quarter of 2023 excluded: (a) equity-based compensation expenses of $4.0 million, (b) the impact of the amortization of acquired intangibles of $0.3 million, (c) $0.1 million of costs associated with business acquisitions and (d) Income of $0.2 million associated with the remeasurement of marketable equity securities.

Non-GAAP net income including the discontinued operation and diluted income per share including the discontinued operation for the third quarter of 2023 excluded: (a) equity-based compensation expenses of $4.0 million, (b) the impact of the amortization of acquired intangibles of $0.3 million, (c) $0.1 million of costs associated with business acquisitions, (d) Income of $0.2 million associated with the remeasurement of marketable equity securities and (e) $1.2 million loss associated with discontinued operations.

About Ceva, Inc.

At Ceva, we are passionate about bringing new levels of innovation to the smart edge. Our wireless communications, sensing and Edge AI technologies are at the heart of some of today’s most advanced smart edge products. From wireless connectivity IPs (Bluetooth, Wi-Fi, UWB and 5G platform IP), to scalable Edge AI NPU IPs and sensor fusion solutions, we have the broadest portfolio of IP to connect, sense and infer data more reliably and efficiently. We deliver differentiated solutions that combine outstanding performance at ultra-low power within a very small silicon footprint. Our goal is simple – to deliver the silicon and software IP to enable a smarter, safer, and more interconnected world. This philosophy is in practice today, with Ceva powering more than 18 billion of the world’s most innovative smart edge products from AI-infused smartwatches, IoT devices and wearables to autonomous vehicles and 5G mobile networks.

Our headquarters are in Rockville, Maryland with a global customer base supported by operations worldwide. Our employees are among the leading experts in their areas of specialty, consistently solving the most complex design challenges, enabling our customers to bring innovative smart edge products to market.

Ceva is a sustainability- and environmentally-conscious company, adhering to our Code of Business Conduct and Ethics. As such, we emphasize and focus on environmental preservation, recycling, the welfare of our employees and privacy – which we promote on a corporate level. At Ceva, we are committed to social responsibility, values of preservation and consciousness towards these purposes.

Ceva: Powering the Smart Edge™

Visit us at www.ceva-ip.com and follow us on LinkedIn, X, YouTubeFacebook, and Instagram.

Ceva, Inc. AND ITS SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF LOSS – U.S. GAAP

U.S. dollars in thousands, except per share data

Three months ended

Nine months ended

September 30,

September 30,

2024

2023

2024

2023

Unaudited

Unaudited

Unaudited

Unaudited

Revenues:

Licensing and related revenues

$  15,574

$  13,940

$  44,266

$  45,739

Royalties

11,633

10,133

33,450

27,518

Total revenues

27,207

24,073

77,716

73,257

Cost of revenues

3,961

2,357

9,397

9,389

Gross profit

23,246

21,716

68,319

63,868

Operating expenses:

Research and development, net

17,990

17,814

54,739

54,544

Sales and marketing

3,088

2,862

8,999

8,213

General and administrative

4,642

3,608

11,751

11,346

Amortization of intangible assets

150

149

449

445

Total operating expenses

25,870

24,433

75,938

74,548

Operating loss

(2,624)

(2,717)

(7,619)

(10,680)

Financial income, net

2,299

924

4,962

3,497

Reevaluation of marketable equity securities

21

160

(97)

(76)

Loss before taxes on income

(304)

(1,633)

(2,754)

(7,259)

Income tax expense

1,007

1,117

4,296

3,080

Net loss from continuing operation

(1,311)

(2,750)

(7,050)

(10,339)

Discontinued operation

(2,207)

(5,308)

Net loss

$  (1,311)

$  (4,957)

$  (7,050)

$  (15,647)

Basic and diluted net loss per share:

               Continuing operation

$   (0.06)

$   (0.12)

$   (0.30)

$   (0.44)

               Discontinued operation

(0.09)

(0.23)

Basic and diluted net loss per share

$   (0.06)

$   (0.21)

$   (0.30)

$   (0.67)

Weighted-average shares used to compute net loss
per share (in thousands):

Basic and diluted

23,678

23,605

23,605

23,473

 

Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures

U.S. Dollars in thousands, except per share amounts

Three months ended

Nine months ended

September 30,

September 30,

2024

2023

2024

2023

Unaudited

Unaudited

Unaudited

Unaudited

GAAP net loss

$  (1,311)

$  (4,957)

$  (7,050)

$  (15,647)

Equity-based compensation expense included in cost of
revenues

176

216

570

636

Equity-based compensation expense included in research
and development expenses

2,421

2,257

6,866

6,703

Equity-based compensation expense included in sales
and marketing expenses

491

478

1,307

1,305

Equity-based compensation expense included in general
and administrative expenses

1,120

1,018

2,936

2,787

Amortization of intangible assets related to acquisition
of businesses

279

278

835

753

Costs associated with business and asset acquisitions

251

100

783

195

(Income) loss associated with the remeasurement of
marketable equity securities

(21)

(160)

97

76

Non-GAAP from discontinued operations

1,184

3,233

Non-GAAP net income

$  3,406

$  414

$  6,344

$  41

GAAP weighted-average number of Common Stock
used in computation of diluted net loss and loss per share
(in thousands)

23,678

23,605

23,605

23,473

Weighted-average number of shares related to
outstanding stock-based awards (in thousands)

1,544

1,304

1,462

1,172

Weighted-average number of Common Stock used in
computation of diluted earnings per share, excluding the
above (in thousands)

25,222

24,909

25,067

24,645

GAAP diluted loss per share

$  (0.06)

$  (0.21)

$  (0.30)

$  (0.67)

Equity-based compensation expense

$  0.18

$  0.17

$  0.48

$  0.49

Amortization of intangible assets related to acquisition
of businesses

$  0.01

$  0.01

$  0.04

$  0.03

Costs associated with business and asset acquisitions

$  0.01

$  0.00

$  0.03

$  0.01

Income (loss) associated with the remeasurement of
marketable equity securities

$  0.00

$  0.00

$  0.00

$  0.00

Non-GAAP from discontinued operation

$  0.05

$  0.14

Non-GAAP diluted earnings  per share

$  0.14

$  0.02

$  0.25

$  0.00

 

Three months ended

Nine months ended

September 30,

September 30,

2024

2023

2024

2023

Unaudited

Unaudited

Unaudited

Unaudited

GAAP Operating loss

$  (2,624)

$  (2,717)

$  (7,619)

$  (10,680)

Equity-based compensation expense included in cost of
revenues

176

216

570

636

Equity-based compensation expense included in
research and development expenses

2,421

2,257

6,866

6,703

Equity-based compensation expense included in sales
and marketing expenses

491

478

1,307

1,305

Equity-based compensation expense included in
general and administrative expenses

1,120

1,018

2,936

2,787

Amortization of intangible assets related to acquisition
of businesses

279

278

835

753

Costs associated with business and asset acquisitions

251

100

783

195

Total non-GAAP Operating Income 

$  2,114

$  1,630

$  5,678

$  1,699

 

Three months ended

Nine months ended

September 30,

September 30,

2024

2023

2024

2023

Unaudited

Unaudited

Unaudited

Unaudited

GAAP Gross Profit

$  23,246

$  21,716

$  68,319

$  63,868

GAAP Gross Margin

85 %

90 %

88 %

87 %

Equity-based compensation expense included in cost of
revenues

176

216

570

636

Amortization of intangible assets related to acquisition
of businesses

129

129

386

308

Total Non-GAAP Gross profit

$  23,551

$  22,061

$  69,275

$  64,812

Non-GAAP Gross Margin

87 %

92 %

89 %

88 %

 

Ceva, Inc. AND ITS SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

(U.S. Dollars in thousands)

September 30,

December 31,

2024

2023 (*)

Unaudited

Unaudited

ASSETS

Current assets:

Cash and cash equivalents

$  13,228

$  23,287

Marketable securities and short-term bank deposits

144,884

143,251

Trade receivables, net

15,250

8,433

Unbilled receivables

23,380

21,874

Prepaid expenses and other current assets

13,970

12,526

Total current assets

210,712

209,371

Long-term assets:

Severance pay fund

6,851

7,070

Deferred tax assets, net

1,685

1,609

Property and equipment, net

6,875

6,732

Operating lease right-of-use assets

5,625

6,978

Investment in marketable equity securities

309

406

Goodwill

58,308

58,308

Intangible assets, net

2,132

2,967

Other long-term assets

12,394

10,644

Total assets

$  304,891

$  304,085

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Trade payables

$  1,960

$  1,154

Deferred revenues

3,418

3,018

Accrued expenses and other payables

19,770

20,202

Operating lease liabilities

2,571

2,513

Total current liabilities

27,719

26,887

Long-term liabilities:

    Accrued severance pay

7,304

7,524

Operating lease liabilities

2,627

3,943

Other accrued liabilities

1,471

1,390

Total liabilities

39,121

39,744

Stockholders’ equity:

Common stock

24

23

Additional paid in-capital

256,685

252,100

Treasury stock

(2,943)

(5,620)

Accumulated other comprehensive loss

(956)

(2,329)

Retained earnings

12,960

20,167

Total stockholders’ equity

265,770

264,341

Total liabilities and stockholders’ equity

$  304,891

$  304,085

(*) Derived from audited financial statements.

 

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SOURCE Ceva, Inc.

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Soren West Joins TAIT as Executive Vice President of Middle East and North Africa

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Industry veteran tapped for leading and expanding business, bringing decades of expertise to a region undergoing rapid growth

LITITZ, Pa., Nov. 7, 2024 /CNW/ — TAIT is thrilled to announce industry veteran and executive producer Soren West has joined the company as Executive Vice President, MENA. In this role, Soren will be a key leader for TAIT focusing on growth across MENA and the Gulf Coast.

Mr. West has a long history with TAIT and the Rock Lititz Community.

“I went to TAIT for a job in 1996 and they turned me away,” says West. “I spent the next 22 years working across the street; we grew up together.”

In those two decades, Mr. West served as CEO of ATOMIC, co-founder of Beame Lighting (which was sold to 4Wall,) and one of the founding visionaries of Rock Lititz.  West left ATOMIC in 2017 to form his own creative entertainment, media, and brand communications company in Los Angeles, his namesake, SOREN WEST, LLC, which was recently acquired by the executive team who has been operating the company for the last few years.

Adam Davis, CEO of TAIT says, “Soren has been our client, our vendor, occasionally our competitor, and always our friend for nearly 30 years, and we have tremendous respect for what he’s accomplished in our business. It’s about time we joined forces. He’s a dynamo; a perfect fit – a trusted, experienced talent who can carry the TAIT name and mission into new territories.”

“It feels like my journey has come full-circle,” West added, “like coming home. I’m thrilled by the opportunity to be part of this great company and to be part of the exciting cultural and economic change going on across MENA.”

TAIT, the global leader in live experience for over 45 years, is a trusted partner to the world’s most influential artists, brands, and institutions. Working across live, brand, placemaking, and location-based experiences, TAIT creates moments that move people across the world every day. Super Bowl halftime extravaganzas, award-winning theme parks, World Expo pavilions, Olympic opening ceremonies, and much more have been brought to life through their global multi-disciplinary team.

For more information visit www.taittowers.com or contact TAIT@kwtglobal.com.

About TAIT

TAIT partners with artists, brands, IP holders and place makers to bring culture-defining, never-before-seen experiences to life. With a legacy of innovation spanning over 45 years, TAIT has grown from pioneering in rock ‘n’ roll concert staging to setting the global standard for extraordinary live events and experiences through cutting-edge technology, precision engineering, and creative design. TAIT’s 20 global offices have developed iconic productions and experiences in over 30 countries, all seven continents, and even outer space for renowned performers, theme parks, exhibits, and venues across the globe, including partnerships with Taylor Swift, Cirque Du Soleil, Royal Opera House, Nike, NASA, Bloomberg, Google, Beyoncé, and The Olympics.

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SOURCE TAIT

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Watch Duty Launches in Hawai’i to Provide Real-Time Wildfire Map and Alert System

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A year after expanding its wildfire coverage across thirteen Western States, the popular non-profit app expands its coverage to Hawai’i to deliver more timely critical information about wildfires as they develop.

HEALDSBURG, Calif., Nov. 7, 2024 /PRNewswire/ — Watch Duty, the only app that provides real-time wildfire information, announced that it is expanding coverage to Hawai’i today. A year after the devastating Lahaina Fire, many communities are still not equipped with adequate real-time information about wildfires.

Already operating across the thirteen western states, Watch Duty provides real-time alerts and continued expert reporting for local residents in areas impacted by fast-moving and unpredictable wildfires. Watch Duty delivers these critical updates, all of which are vetted by an expert team of current and former firefighters and first responders, retired dispatchers and reporters, faster than any other available channel. This allows impacted residents to make informed decisions during stressful and uncertain times, when official notices often take much longer, if they appear at all. 

“The majority of fatalities occur within the first hours of a fire, meaning every second counts,” said John Mills, co-founder and CEO at Watch Duty. “We built Watch Duty to give people like us who live in wildfire-prone areas a more timely and trustworthy option for receiving critical updates as quickly as possible. When there’s a wildfire in or near your area, you’ll receive an update directly to your phone, within minutes, and without having to mine through various community groups on Facebook, Twitter or other mass forums, which often contain dated or dubious information.”

“When a wildfire occurs, panic and confusion are often the first emotions to set in – an especially dangerous reality when you factor in just how unpredictable and fast-moving many fires are,” said Jeff Lemelin, Volunteer Battalion Chief for Sonoma County (CA) Fire District. “Watch Duty is providing a vital public service by providing a simple and highly trustworthy option for receiving the key information around wildfire movements, containment status and, especially, evacuation notices, that people need, delivered when they most need it.” 

Watch Duty is already trusted by over three million users in the American West and is actively being utilized by fire chiefs, first responders, tanker pilots, and other fire fighting personnel. 

Any interested individual can download the app for free on the App Store, Google Play or at watchduty.org.

ABOUT WATCH DUTY
Watch Duty, 501(c)3 nonprofit, provides real-time wildfire information for making informed decisions when seconds count.  Our service is powered by real people – firefighters, dispatchers, and first responders – who diligently monitor radio scanners and collaborate 24/7 to send up-to-the-minute information to your phone. It’s free to download on the App Store and Google Play. Learn more at watchduty.org.

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SOURCE Watch Duty

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Boston Materials Announces $13.5M in New Funding for Manufacturing Expansion and Establishing Supply Chain Partnerships

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Boston Materials Builds on Established Manufacturing Footprint in USA and Expands Global Product Deployment of Advanced Materials for Semiconductors and Aerospace Markets

BILLERICA, Mass., Nov. 7, 2024 /PRNewswire/ — BOSTON MATERIALS, INC., a manufacturer of advanced materials key to the next generation of semiconductors and aircraft platforms, today announced $13.5 million in new funding. The investment was led by AccelR8 and Diamond Edge Ventures, the US-based corporate venturing arm of Mitsubishi Chemical Group, a leading global carbon fiber manufacturer. With this funding, Boston Materials is accelerating its expansion into the semiconductor market, building from its existing footprint in the aerospace market.

“The world is experiencing an unprecedented increase in energy consumption from computing and transportation,” said Dwight Poler, CEO of AccelR8. “BOSTON MATERIALS is spearheading a new class of materials designed to maximize both the performance and efficiency of energy-intensive systems.”

Founded in 2016, Boston Materials produces a new class of materials that are conductive and durable like metal, yet light as plastic. The underlying patented technology, Z-axis Fiber™, uses vertically aligned carbon fibers to create materials with enhanced energy transfer properties. Highly differentiated advanced materials, commercialized under the ZRT® tradename, solve critical challenges relating to thermal management and vehicle weight reduction across trillion-dollar industries– including Semiconductors, Aerospace, and Electrified Vehicles. Backed by scaled manufacturing technologies, facilities primed for high-volume production, and validation in performance-critical applications across high-growth sectors, industry leaders turn to Boston Materials to go beyond today’s known limitations.

“Carbon fiber is a strategic product pillar for Mitsubishi Chemical Group. The BOSTON MATERIALS Z-axis Fiber technology is a fundamentally new approach to expand the importance and applications of carbon fiber into industries that are building the future,” said Curtis Schickner, President of Diamond Edge Ventures.

“There is an urgent and quickly ramping need for advanced energy transfer materials. This new class of materials maximize performance and efficiency across data centers, airplanes, electrified vehicles, and beyond,” said Anvesh Gurijala, CEO of Boston Materials. “BOSTON MATERIALS is aggressively expanding its existing manufacturing capabilities and accelerating global product deployment to meet this demand.”

The $13.5 million equity investment round also saw participation from returning and new investors, including Valo Ventures, Gatemore Venture Partners, Collab Fund, and Woori Venture Partners.

ADDITIONAL INFORMATION: https://www.bomaterials.com/

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SOURCE Boston Materials

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