CTT set for rapid expansion following oversubscribed $10M Series B rounde
Led by Kureha Corporation of Japan, and joined by multinational corporate and VC investors from the UK, Japan and China, funds will be used to accelerate product launch and growth into new markets
Cambridge, 23 July 2019 – Cambridge Touch Technologies Ltd. (“CTT”, “the Company”), the leading provider of piezoelectric UltraTouch multi-force-and-touch technology to the consumer electronics, automotive, industrial and military markets, today announced it has closed an oversubscribed $10 million Series B funding round, bringing the total amount raised to nearly $20 million. The round was led by Kureha Corporation of Japan, a leading global supplier of specialty chemicals and plastics including piezoelectric polymer film, together with participation from existing investors Parkwalk, Downing Ventures, CM Ventures and Amadeus Capital Partners, and new investment from top Chinese venture capital firm Puhua Capital and Japanese automotive touch panel firm, Futaba Corporation. The University of Cambridge is also an existing investor, while Ascendant Corporate Finance provided advice on the round.
CTT has developed a next-generation, multi-force-and-touch solution that combines sophisticated algorithms together with advanced materials – called UltraTouch. It is the world’s simplest all-in-one sensor architecture and is used in any touch-capable smart device, regardless of the device’s size or type. It solves nagging, lingering problems that users experience with touch screens (e.g. being able to use a touch screen properly whilst out in the rain) as well as bringing entirely new functionality and experiences to consumers (e.g. creating realistic virtual buttons for the modern car’s interior smart surfaces; or using the touch screen of a water-resistant smartphone underwater to capture that unforgettable photo in the pool). UltraTouch can also be used for the ultra-chic ‘buttonless’ style phones and wearables that are increasingly popular, and for the new foldable phones now coming to the market. It can even turn the display ON and OFF automatically when the foldable phone is opened or closed – without the need for additional external components that add bulk and cost – saving power and extending battery life.
This Series B investment allows the Company to continue its planned commercial rollout of UltraTouch technology together with its strategic launch partners. Over the past year, the Company has successfully developed and demonstrated compelling engineering samples with its customers in a variety of markets, and brought a leading supply chain together for mass manufacturing capability. Now with our lead investor, Kureha Corporation, our supply chain is further strengthened and extends the supply options for the Company’s high-volume customers.
To meet increasing global demand in the market, the funding will drive the planned expansion of the Company’s teams in its Cambridge, UK, headquarters, as well as its network of Asia sales and support offices in China and Taiwan (and expected soon in Japan) which were opened within the last year.
Corbin Church, CEO and co-founder of Cambridge Touch Technologies said: “We’re delighted to welcome our new corporate and VC investors from Japan and China, as well as having the continued strong support of our existing investors, who together form a world-class group that will help scale CTT quickly to exploit the market opportunity for its technology. CTT has grown rapidly over the last several years, and we’re looking forward to being able to continue executing on our growth plan and sharpening our commercialization focus within the consumer electronics, automotive and industrial markets. The partners we have and the injection of new capital means we can expect to enable our customers to begin rolling out the technology at scale in the near future.”
Yutaka Kobayashi, President and CEO of Kureha Corporation said: “As the leading global supplier of Piezoelectric film, Kureha Corporation has worked closely with CTT over recent years, bringing our substantial resources and R&D capabilities to our joint collaboration and developing the most advanced piezoelectric film for the touch panel market now and into the future. It was only natural, therefore, for us to lead the Series B round with a direct investment and become shareholders in the Company. The alignment between the two companies is strong. We look forward to playing an important role in CTT’s continued success and bright future.”
Kejia Li, Partner of Puhua Capital said: “CTT is currently focussing on building its presence in China to expand market reach and deliver an outstanding customer service to its customers in their local language. We are pleased to be investing in CTT for the first time and helping to facilitate the company’s expansion across the region.”
For more information, contact:
Seun Stancombe, Account Executive, FieldHouse Associates, 074 1578 4602, [email protected]
Stuart McKnight, Managing Director, Ascendant Corporate Finance, 020 7993 8700, [email protected]
Note to Editors
About Cambridge Touch Technologies:
Cambridge Touch Technologies Ltd. (“CTT”) is a high tech company at the leading edge of touch technology. It was spun out from the University of Cambridge, the world-renown engineering and research centre.
Combining advanced materials together with sophisticated software, CTT’s piezoelectric UltraTouch solution is unique in the market, and brings new value and compelling user experiences to smart devices in all verticals. The Company has a growing IP Portfolio covering every aspect of its technology, from system architectures, to AI and advanced algorithms, to low power operation. CTT supports its OEM and supply chain customers with IP, know-how, analog and digital technologies, and advanced system architectures. CTT is fast growing and currently recruiting.
For more information go to www.camtouch3d.com
About Kureha Corporation:
Kureha Corporation is a manufacturer of highly original specialty chemicals and plastics that leverages proprietary technologies to develop products in the fields of advanced materials, agrochemicals, pharmaceuticals, and packaging materials. Since its establishment in 1944, Kureha has utilized its strengths in technology and innovation to provide a wide range of solutions suited to the market needs of each era.
Kureha was first in the world to successfully develop an industrial manufacturing process for piezoelectric polymer film, “KF Piezo film”. Compared to crystal or ferroelectric ceramics, the flexibility of the KF Piezo film provides good workability, allowing wide-ranging use for sensors or speakers.
About Puhua Capital:
Puhua Capital is one of the most successful venture capital investment firms in China that focuses on the early and growing Healthcare, Technology and pan-culture companies across China, Europe and the US. Puhua Capital is headquartered in Hangzhou with offices in Beijing, Shanghai, Shenzhen, London and Berlin. Puhua Capital currently has over 19 billion RMB capital assets under management worldwide. During the past decade, Puhua Capital has invested in over 400 excellent start-ups, which over 20 portfolios have grown into Unicorns.