HMicro said today that “dominant strategic OEM partners” joined a $10.2 million Series C round for the biosensor platform it’s developing for commercialization.
Fremont, Calif.-based HMicro makes “system-on-a-chip” biosensors for medical device companies. Existing backers XSeed Capital, Seraph Group and Uniquest also joined the round, the company said.
“This strategic investment by new OEM partners who will be utilizing the HMicro’s chip solution technology in specific clinical applications, is a strong indication of confidence in the attributes of the system-on-a-chip as a powerful engine for wireless sensor solutions, as well as the capability of HMicro’s expertise and reputation as a co-development partner,” founder & CEO Surendar Magar said in prepared remarks.
HMicro said it plans to use the proceeds for the continuing development and commercialization of the biosensor platform, including a proprietary chip with multi-sensor interfaces and multiple radios, a disposable wireless patch and mobile and fixed location receiver devices.
“We are excited to expand our equity partnerships to firms who will be immediately leveraging our technology into their development initiatives and customer solution roadmaps. Migrating clinical healthcare to the wireless domain is a huge challenge which we believe is best met by pooling resources from committed supply and OEM partners. HMicro has subscribed to this business model from the outset and has accordingly defined its financing strategy. We will be announcing our relationships with various partners in the coming months,” Magar said.
“This news confirms our confidence in HMicro to leverage deep industry expertise in creating chip solutions that serve real clinical needs both now and in the future,” added XSeed Capital founding general partner Michael Borrus. “Strategic partners are already using HMicro’s unique technology platform to deliver new products and services that were not previously possible.”
“We are passionate about the kind of health care innovation and focus that HMicro is bringing to the fore. We have supported HMicro from the outset,” Seraph Group founder & president Tuff Yen said.