u-blox raises CHF20 million series C

Investee Company – u-blox (Switzerland)

Investee Company Business Type – Develops miniaturised Global Positioning Systems (GPS)

Type of Financing – Expansion

Equity Providers – 3i, funds advised by Partners Group, Zurich Cantonal Bank, Innoventure Capital AG

Equity Leader (Individual) – Markus Reich, 3i

Debt Providers – N/A

Debt Type – N/A

Debt Leader (Individual) – N/A

Equity Amount – CHF20 million

Total Deal Value – CHF20 million

Other Advisors – Baker & McKenzie, Arthur Andersen

Comments – Thalwil-based u-blox, an electronics company focused on miniaturised Global Positioning Systems (GPS), has raised CHF20 million third round funding. 3i led the deal which also included funds managed by Partners Group, Zurich Cantonal Bank and Innoventure Capital AG.

Currently employing a workforce of 38 at locations in Switzerland, Germany, England and the US, u-blox is planning to use the fresh capital to inaugurate future growth.

The company was spun-out of Zurich’s Federal Institute of Technology in 1997. Focus has centred upon the development of GPS and microprocessor modules that are used in electronics systems for the automotive industry and in various electronic consumer products.

Leveraging on the size and low power consumption of its GPS receivers, u-blox was able to supply 80,000 GPS receivers for the Swiss Road Pricing System (LSVA) last year.

In the last fiscal year, company sales amounted to CHF17 million, relative to CHF2 million in 1999 and CHF200,000 in 1998.