Fabless inertial sensor startup mCube Inc. is just about to enter phase three of a startup's progress. That's why it has just secured $37 million of Series C venture capital, CEO Ben Lee told eeNews Europe.
Lee, who joined to lead the company in January 2013 as CEO, explains that in a startup's first phase it has a little bit of money for development work and to create a product, but no customers. In the second phase it has a product but can only support – and only listen to – a few customers. The third phase – for those that make it that far – is the growth phase where a company starts to have revenue and can expand its product and customer bases.
But in that third phase it remains crucially important to keep making the right choices in terms of customers and application areas to which a company is applied.
mCube (San Jose, Calif.) is going to use its $37 million Series C money to maintain focus on the entry- to mid-level smartphones in the Chinese market while pursuing innovative applications in wearable equipment and the Internet of Things, where it feels its combination MEMS sensors have an inherent advantage.