Qualinx's Series A Financing for All-Digital GNSS IoT Wireless Technology Hits $20 Million

Delft, The Netherlands -- October 23, 2023 -- Qualinx, a pioneer in ultra-low power wireless tracking and connectivity semiconductors, has announced that its Series A financing has reached $20 million. An additional $10.2 million complements the $8.8 million (8 million Euros) investment announced earlier this year. The new round comes from existing investors, FORWARD.one, InnovationQuarter Capital and Waterman Ventures, and includes an Innovation Credit facility from the Netherlands Enterprise Agency, RVO. Qualinx now has sufficient financing to complete the development of its second-generation GNSS IoT radio system-on-chip (SoC) and to commence mass production in 2024.

“This next step in our Series A financing round shows the confidence of our existing investors in DRF technology and our successful application for RVO’s Innovation Credit facility reaffirms that our technology and market strategy are on track”, said Tom Trill, CEO at Qualinx.

Qualinx’s Digital Radio Frequency (DRF) technology transfers most of a wireless chip’s analog functions into the digital domain. This brings CMOS scaling benefits to GPS-like radios and to other industry-standard, short and long-range radios. In all these devices, DRF functions can be configured in software to precisely tailor the radio’s performance for each application, while delivering up to 10X power reduction in smaller, lower-cost packages than those of traditional radios.

The company’s first-generation product, the QLX300+ is believed to be the world’s smallest and most power-efficient Global Navigation Satellite Systems (GNSS) sensor. The second-generation QLX400 will combine the GNSS sensor with an IoT radio on one chip. The GNSS sensors receive geo-positioning information, detecting signals from all major satellite systems including GPS and Galileo, to accurately determine location and time. The addition of a radio creates a low-power system-on-chip that will extend the operating life of battery-powered products from months to years.

“Early customer engagements confirm that geo-positioning and asset tracking will be key applications for our technology, but it will be equally attractive for many other IoT products, from security devices to fitness trackers. In fact, the scale of Qualinx’s market opportunity is breathtaking”, added Trill.

Arjan Göbel, partner at FORWARD.one, said, “Qualinx has not only invented an exceptionally useful technology for solving real-world challenges, but the company has already proven its ability to execute on the milestones in its business plan. In the volatile world of deep-tech investment, we view Qualinx as an example to others of how to commercialize semiconductor innovation and we’re delighted to be alongside them on this journey.”

Marcus Preijde, programme coordinator at RVO’s Innovation Credit, said, “Qualinx put forward a strong proposal for the Innovation Credit, showcasing its cutting-edge technology and its potential to disrupt the semiconductor industry. Based on a well-defined business plan and its experienced leadership, we expect Qualinx to be very successful. Qualinx is undoubtedly a great example of the Dutch innovative companies and projects, which we are so proud to support with the Innovation Credit.”

Steve Dickens, VP and Practice Leader at research and advisory firm Futurum Group commented, “We have been tracking Qualinx and their innovation trajectory for over a year, and the team raising capital in a tough market speaks volumes. The semiconductor and positioning space is ripe for disruption, and we are watching closely as Qualinx comes to market and are excited by the innovation we have seen so far.”

About Qualinx

Qualinx is a high-tech fabless semiconductor company based in Delft, The Netherlands, and develops solutions to solve the high power consumption problem in radio chip technology, including GNSS and IoT sensors. The company is led by Tom Trill (CEO) and was founded by Ph.D. graduates of Delft University of Technology, Massoud Tohidian (CTO), Iman Madadi (CIO), and Amir Reza Ahmadi Mehr (SVP Engineering). www.qualinx.io

About FORWARD.one

FORWARD.one is a venture capital firm focused on high-tech hardware start-ups and scale-ups with €200 million under management including investments in robotics, semiconductors, photonics, sensors, extended reality and biomanufacturing. Having a team of financial professionals and entrepreneurs, FORWARD.one actively supports their portfolio companies to achieve their goals and ambitions. www.forward.one

About InnovationQuarter Capital

InnovationQuarter is one of the most active investors in The Netherlands. IQ funds disruptive startups & scale-ups in the province of Zuid-Holland that create a cleaner, smarter and healthier world. Acting as a lifecycle investor with four funds, the IQCapital (€ 143 million) fund has a particular focus on deeptech, life sciences & high-tech. IQCapital acts as a patient investor with an extensive network of over 250 co-investors and wide-ranging in-house knowledge on international expansion and innovation. www.innovationquarter.nl

About Waterman Ventures

Waterman Ventures has over 30 years of experience in turning promising innovations into flourishing companies. Through the years, they have collected a wealth of experience and lessons learned in building teams, finding product-market fit, scaling production and growing revenues. It is their heartfelt ambition to keep engaging this experience to support the leading companies of the next generation. www.watermanventures.nl

About The Netherlands Enterprise Agency (RVO)

The Netherlands Enterprise Agency (RVO), a government agency that’s part of the Dutch Ministry of Economic Affairs and Climate Policy, helps entrepreneurs and organizations to invest and develop their businesses and projects. The Innovation Credit is intended for the advancement of innovative development projects, with considerable technological risks and an excellent market perspective, and contributes to the innovative capacity and sustainable growth of the Dutch economy. The Innovation Credit enables the government to fulfil a need on the capital market, in which innovative projects cannot be financed entirely from private funds or the market. All companies, including start-ups and established businesses, can benefit from the Innovation Credit. https://english.rvo.nl/subsidies-programmes/innovation-credit

About Futurum Group

The Futurum Group is a global technology research and advisory firm for high-tech. The Group offers research, market intelligence, analysis, advisory, lab evaluation, marketing, and lead generation services. The Futurum Group’s range of services is focused on analyzing emerging and market-disrupting technologies, identifying and validating trends, delivering data and insights, and developing and executing sales and marketing campaigns that empower clients to find and leverage their competitive edge.