UL Campus Firm Sold For €10M

Business & Finance - Investment

Wednesday, 13 October 2010 12:57

Written by Noel Cotter

ChipSenors, a University of Limerick campus company has been acquired by Austin-based Silicon Laboratories for €10M.

ChipSensors develops silicon sensor chips to detect temperature, humidity and gases.

Silicon Labs will retain ChipSensors' office at the University of Limerick and all its full-time employees.

The company was set up in 2005 after securing an initial investment of €100,000 from the Bank of Ireland Kernel Capital Equity Fund - an early stage equity fund supported by Bank of Ireland, Enterprise Ireland and private investors.

Professor Brian Fitzgerald, Vice-President Research commented: "ChipSensors is just the latest in an increasingly long line of successful examples of the commercialisation potential of the research we conduct at UL. This is a clear vindication of our translational approach to research. The attraction of foreign direct investment and high value job creation is admirable as UL spin-out companies now support in excess of 100 high-value jobs locally in the region."

'The transaction demonstrates how early stage high potential companies can be nurtured and supported whilst simultaneously generating excellent returns for investors,' commented Niall Olden of Kernel Capital.