Altitude Partners focuses on investments up to £4 million (about $5.2 million) in companies in the south of England.
Moortec (Plymouth, England) did not give the size of the investment but a spokesperson for the company confirmed it is less than £4 million. As part of the deal Moortec will accept two Altitude partners on its board of directors.
Moortec, founded in 2005, has developed a portfolio of IP for ‘in-chip’ sensors covering process control, voltage and temperature, so-called PVT monitoring and the technology is used in some smartphones. Demand for such technology is likely to increase as the ability to adjust voltage and performance in response to computational demand is set to increase on a per-core basis.
The money from Altitude will be used to strengthen both the engineering and sales teams at Moortec and to add circuits to its portfolio at smaller technology nodes.
Simon White and Jonathan Simm, partners at Altitude, will join the board alongside founding directors Stephen Crosher, Neil Roberts and Damian Smith. A Chairman will be appointed in due course.
“Moortec is an ambitious company with plans to develop a number of new IP product lines in to a rapidly expanding market for in-chip monitoring solutions,” said Stephen Crosher, managing director of Moortec, in a statement.
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