• The company has now reached a valuation of USD 23 million.
• The fresh funds will be used to hire new talent and expand product offerings.

Belgian hyperspectral sensing solutions provider Spectricity has reportedly secured USD 16 million in Series B funding round, now valuing the company at USD 23 million. This round saw participation from Shanghai Semiconductor Equipment and Material Investment Fund, Atlantic Bridge Services Limited, imec.xpand, Xtrion NV, and Capricorn Fusion China Fund.

The fresh funds will be used to fast-track the development and mass production of imagers and hyperspectral sensors for low-cost and high-volume applications such as smartphones, wearables, and IoT devices.

Hyperspectral sensing essentially enables devices to sense a person’s heartbeat, skin hydration level, and amount of oxygen in the blood. They can also be used to determine the freshness of food and match skin tone to cosmetics.

Spectricity’s patented spectral sensing technology is the only one across the world which can make imager solutions and professional-grade sensors compact enough to be used in wearable devices and smartphones.

If market speculations are right, the compact spectrometer systems market is likely to surpass 300 million chips in terms of volume by the year 2024, primarily due to technological breakthroughs and the advent of miniature spectrometers.

CEO of Spectricity, Vincent Mouret was quoted saying that the fresh capital will enable the company to expand its workforce, partnerships as well as accelerate the manufacturing process.

Peter Vanbekbergen, a Partner at imec.xpand reportedly said that just like Spectricity, the best companies have a great technology base. He further added that the company was formed when its founders identified a big problem and partnered with a spectacular investment team.

For those unaware, Spectricity was founded in 2018 after ten years of extensive research at imec-xpand, a leading innovation and R&D hub in digital technologies and electronics.

Source Credits –

https://www.businesswire.com/news/home/20210802005848/en/Spectricity-Raises-%E2%82%AC14-Million-Series-B-Funding-as-It-Accelerates-Plans-to-Deliver-Industry-Leading-Hyperspectral-Sensing-to-Mobile-and-Consumer-Devices