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Investment in Omniradar for developing single-chip radar solutions; Omniradar secures €2.6m in financing to roll out single-chip radar solutions(M2 PressWIRE Via Acquire Media NewsEdge) o Industrial cooperation between leading Dutch partners o Launching application: radar blind spot detection for trucks Eindhoven - Omniradar, the world leader in integrated semiconductor radar solutions today announced that it has closed a round of equity and debt financing of EUR2.6m. The funds will be used to bring into production Omniradar's ground breaking single-chip radar as a new precision sensor for personal security, industrial automation, environmental monitoring and other novel sensor applications. Investing in this round were Orlaco, the founders as well as the Netherlands Enterprise Agency (www.rvo.nl). Omniradar is the first company in the world that has successfully integrated a complete 60GHz radar system in a single chip. Omniradar has been developing the technology since 2011 in close collaboration with leading semiconductor supplier NXP as its manufacturing partner. The Omniradar RIC60 IC devices exhibit stable performance, precision and ease of integration. Orlaco develops and manufactures camera systems for every vehicle and vessel. For over 25 years, Orlaco has been working to increase safety, efficiency, comfort, and to reduce damage for its customers. Orlaco and Omniradar will work together to integrate radar blind spot detection across Orlaco's range of products. The collaboration between NXP (manufacturing), Omniradar (technology) and Orlaco (application) demonstrates a strong network between Dutch high-tech companies. By reducing cost and size of existing radar systems by at least a factor ten, Omniradar opens up a broad range of new applications where radar was never cost-effective or practical. This opens up new application areas due to its speed, resolution and its ability to "see through" obstacles, 3D imaging, invisible 'fences' for security and advanced proximity detection. "This funding will enable Omniradar to bring to market its single-chip radar in close collaboration with industrial partners" said Hans Brouwer, founder and CEO of Omniradar. "We are delivering this technology ideally suited for high volume applications to early customers we are currently working with in development projects". "Omniradar has a promising combination of a cutting-edge technology for high-volume markets and a seasoned team of industry veterans", said Henrie van Beusekom, CEO of Orlaco. "We were strategically interested to invest in next generation sensor technology and have selected Omniradar as our partner in this effort." Henrie van Beusekom will join Omniradar's supervisory board. Also joining is Anton Arts, who brings to Omniradar a deep industry network and experience in growing succesful semiconductor start-ups as a board member and investor in CSR (CSL.L), GreenPeak Technologies and No Wires Needed (acquired by Intersil). About Omniradar Omniradar is a semiconductor company that provides radar semiconductor solutions. Its RIC60 single-chip radar provides a completely integrated 60GHz radar system for use as a new precision sensor for personal security, industrial automation, environmental monitoring and other novel sensor applications. Omniradar was founded in 2011 by Paul van Zeijl and Hans Brouwer and is based in the former Philips facility in Strijp-S, Eindhoven. For further information, please visit: www.omniradar.com. About Orlaco Orlaco, headquartered in The Netherlands is a leading supplier of camera systems for heavy equipment, on road trucks, cranes, forklifts, vessels and emergency vehicles. Founded in 1989, the company has offices in Germany, France, Denmark, Singapore, Japan and Canada and has just opened headquarters in Georgia USA. The company has over 150 employees and an expected revenue of nearly 50 million euros for 2014. It designs, develops, manufactures and supplies quality cameras and monitor systems including latest mirror-replacement projects which is a hot topic because of CO2 & fuel consumption reduction. For further information, please visit: www.orlaco.com. For further information about this press release please contact Hans Brouwer: [email protected]. . (c) 2014 M2 COMMUNICATIONS |