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Moortec secures development capital investment from Altitude Partners

Altitude Partners, a regional private equity fund, has completed a development capital investment into Moortec, a semiconductor intellectual property (IP) business supplying high accuracy ‘in-chip' monitoring circuits.

Founded in 2005, with offices in the Plymouth Science Park, Moortec has developed a core portfolio of IP for in-chip sensors. The three prime areas of Moortec's expertise revolve around process monitoring, voltage supply monitoring and temperature sensing. Combined, this is known as PVT monitoring.
 
With the continued increase in the performance requirements demanded by today's electronics and the ever greater miniaturisation of microprocessor design, Moortec's PVT monitoring IP is becoming increasingly essential for modern chip design.
 
Moortec's IP technology has been in demand since it was first developed in 2010 and its global customer base includes tier-1 consumer, enterprise and automotive technology companies. In addition, it has established IP relationships with all of the main global silicon foundries. Moortec's high accuracy monitoring IP is present in more than 10 million smartphones.
 
Altitude's investment will assist the business in developing and strengthening both its engineering and sales team and adding new silicon proven designs to their IP portfolio at even smaller semiconductor technology node sizes.
 
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.
 
Simm says: "There is extraordinary innovation in the UK. Stephen and the team at Moortec are a superb example of this, creating and developing a business which is at the cutting edge of semiconductor design."
 
Crosher says: "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. Support from the team at Altitude and in particular their experience of business growth will prove invaluable to our future."
 
The investment is the fifth from Altitude's first fund following investments in James Tobias, Chameleon, The Care Division (now exited) and Gradwell.
 
Altitude's second fund, Altitude Two LP, will be opening for new investors later in the year where the focus will continue to be to invest between GBP1 million and GBP4 million in ambitious teams leading growing businesses based in the Southern region.
 
Legal support for the transaction was provided by Rob Ridd at Clarke Wilmott (Altitude) and Andrew Betteridge, Ross Van De Velde at Ashfords (Moortec). Financial due diligence was undertaken by Paul Crocker, Nick Tippett and Jack Leggett from PKF Francis Clark, with commercial due diligence provided by Geoff Rampton of RPL.

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