RedShift Secures $12 Million in First-Round Financing
InterWest Partners Leads Financing of Mass-Market Thermal Imaging Solutions Provider
Waltham, MA – January 12, 2006 – RedShift Systems Corp., the technology leader in delivering the world’s most cost-effective thermal imaging systems, today announced that it closed $12 million in first-round funding in December. Led by InterWest Partners, the round also saw strong participation from existing shareholders who sponsored the 2005 spin-off of RedShift from Aegis Semiconductor, Inc. As part of the financing, InterWest’s Mike Boich has joined the company’s board of directors.
RedShift will use the funds to drive teambuilding, product development and scale-up of fabless manufacturing for its core product, the Thermal Light Valve™ (TLV). The TLV is an innovative tunable optical filter that translates thermal energy into visible images to allow standard CMOS image sensors to “see heat.” RedShift’s TLV enables the first infrared cameras built with standard sensors and electronics for the $2 billion thermal imaging market. The company produces camera solutions for mass-market applications in the video surveillance and security, firefighting, law enforcement, automotive safety and thermography markets.
“We are delighted to have InterWest lead this financing,” said Matthias Wagner, CEO and co-founder of RedShift. “We look forward to drawing on Mike’s long and successful operating experience in imaging as we drive our product to market and disrupt thermal imaging in the same way that CMOS imagers expanded the consumer imaging market. Our customers are supplying markets that are price sensitive, highly elastic – and waiting to explode.”
“RedShift’s unique, proven architecture promises to have a dramatic impact on the thermal imaging and broader sensor markets,” said Mike Boich of InterWest. “We are excited to be working with a team with an impressive track record of introducing disruptive solutions into volume markets.”
InterWest was joined in the financing by shareholders of Aegis Semiconductor, Inc. who sponsored the spin-off of RedShift in April 2005, including Vesbridge Partners, Alta Partners, Technology Venture Partners, Megunticook Management and YankeeTek Ventures.
About RedShift Systems
RedShift Systems Corp. is a pioneer in enabling low-cost, high-performance thermal imaging solutions for mass-market applications. The RedShift Thermal Light ValveTM technology translates thermal energy into visible images – allowing CMOS sensors to “see heat.” This enables manufacturers to include high-quality thermal imaging capability in a wide variety of products for the video surveillance and security, fire fighting, law enforcement, automotive safety and thermography markets.
About InterWest Partners
InterWest Partners, founded in 1979, is a leading diversified venture capital firm focused on building long-term relationships with entrepreneurs and portfolio companies. Currently investing its ninth fund, IW IX, a $600 million fund, InterWest has more than $2 billion of capital raised since inception. InterWest has 16 investing partners in Menlo Park, CA and Dallas, TX, who bring together deep domain knowledge in life sciences and information technology.