FAST Technology raises euro11m in third round

Investee Company – FAST Technology AG (Germany)

Investee Company Business Type – Develops sensors for use in steering and control systems

Type of Financing – Expansion

Equity Providers – Deutsche Venture Capital GmbH, Polytechnos, BancBoston, AXA Colonia, and Gerling.

Equity Leader (Individual) – Bendix Todsen

Debt Providers – N/A

Debt Type – N/A

Debt Leader (Individual) – N/A

Equity Amount – euro11 million

Total Deal Value – euro11 million

Other Advisors – KPMG (Financial), SJ Berwin (Legal), Vossius & Partner (Patent)

Comments – FAST Technology AG, developer of non-contact sensors used in steering and control systems, has raised euro11 million from a consortium of investors led by Deutsche Venture Capital GmbH. IT was joined by seed investors Polytechnos and BancBoston and new investors AXA Colonia and Gerling.

FAST Technology is headquartered near Munich in Ottobrun and has sales and engineering offices in the US and the UK. The sensors developed by FAST play a vital role in the control and monitoring of machinery and equipment in a wide variety of industries including factory automation, automotive and aerospace.

Deutsche Venture Capital chose to invest in FAST identifying a clear market advantage because of its advancement in sensor technology in comparison to its competitors.

The company believes there is a potential market of 200 million sensors a year within the automotive industry alone. It plans to expand its current staff of 32 into a global organisation employing 250 people.