US-based touch screen performance producer SigmaSense has raised $22 million in its Series A round led by Foxconn Technology Group, per an announcement.
The funding will help the company enhance the development of its proprietary semiconductor and software solutions for a new generation of touch and touchless human-machine interfaces.
Other strategic investors who participated in the round include Corning, E Ink, GIS, MRI and former Dell CFO Tom Meredith, according to an announcement.
The company said that it intends to leverage these strategic relationships to expand its operations in the high-growth $4.7 billion touch controller market.
“This financing, and the powerful syndicate behind it, provide a strong endorsement of SigmaSense’s technology breakthrough and the impact across market opportunities,” said Rick Seger, CEO at SigmaSense.
Founded in 2015, SigmaSense provides a digital and fully-scalable sensing technology to solve the noise immunity and tuning challenges of traditional touch sensors.
Foxconn, formally known as Hon Hai Technology Group, is a Taiwanese multinational electronics contract manufacturing company.
In 2018, the Taiwanese manufacturing giant partnered with three US firms to establish a $100-million early-stage venture capital fund that invests in American and global startups.
The fund, named Wisconn Valley Venture Fund, will be established by Foxconn, integrated health firm Advocate Aurora Health, diversified technology firm Johnson Controls, and financial firm Northwestern Mutual.
Most recently, Foxconn made headlines when it announced its plan to invest up to $1 billion to expand a factory in southern India where the Taiwanese contract manufacturer assembles Apple iPhones.
