Irish company Impedans has raised €3.5m from new and existing investors, including venture capital firm SOSV and Enterprise Ireland, as part of its Series B funding round.

The Dublin-based firm specialises in intelligent sensors for RF processing and plasma processing and has patented technology that reduces scrappage and increases consistency for companies in the burgeoning semiconductor industry.

Dr David Gahan, CEO of Impedans, said: "This is a significant milestone for our company as we grow to meet the demands of the global semiconductor market, forecasted to reach $1tn by 2030.  

"The funding is key for driving a strategy of continuous innovation and will help to consolidate our position as leaders in the field."

Founded in 2004 by Dr Michael Hopkins, Impedans plans to increase its headcount by 40% this year, with the semiconductor market on course to achieve double digit percentage growth in 2023. The company made a profit of €156,000 during its 2021-22 financial year and employs around 40 people, up from 25 in 2021.

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"SOSV is proud to back such a global and strategically significant technology in the chip making space," said Bill Liao, general partner at SOSV.

"This round backs a real Irish deep tech win and is a shining example of team Ireland punching well above its weight. Great team, great market, great technology, and great timing."

Gillian Baker, senior development advisor for digital technologies at Enterprise Ireland, said: "Enterprise Ireland is proud to continue its support for this Irish-owned global leader.

"Their key markets offer tremendous potential for growth, and we are confident that they are positioned to capitalise on this. We look forward to working with Dr David Gahan and his team at Impedans, as it builds on its impressive growth to date."

(Pic: Getty Images)