Resonant raises $11.5M in public stock offering
Will carry the company into 2018, assuming no revenue
Start-up SAW filter designer Resonant Inc. raised $11.5 million in a public offering of 2,715,000 shares of common stock at a price of $4.25 per share.
The capital from the stock offering combined with the company's existing cash will fund company operations into 2018, assuming no additional revenue, according to Resonant's press release. Resonant is actively developing filter designs with customers that, if successful, will generate revenue.
Terry Lingren, CEO and co-founder of Resonant, said, ”These proceeds will not only allow us to continue to drive on-going customer acquisition and execute on the business before us, but also extend and improve the capabilities of our EDA platform. We intend to do this by capitalizing on the work we are doing with current customers across multiple filter manufacturers and foundries, further expanding our IP portfolio and increasing the opportunities to commercialize our ISN design platform technology.”
Resonant is trying to capitalize on the proliferation of mobile bands, as operators seek spectrum to handle the demand for more and faster data pipes. Each of these bands requires high performance filters. Resonant has developed a patented library of RF design tools that enables traditional FBAR, BAW or temperature compensated (TC) SAW filters to accurately be modeled and designed. Resonant says these tools enable their designs to use standard, low cost SAW processes and require fewer foundry spins. Resonant licenses these designs to customers, rather than manufacturing them, so the company avoids the cost of developing process technology and building manufacturing facilities.