Altitude invests in Moortec

The value of the deal is undisclosed, though unquote" understands it to be in the region of £1m.

The fresh capital will enable Moortec to invest in its engineering and sales teams, in addition to funding the development of new products.

On completion of the transaction, Altitude partners Simon White and Jonathan Simm will take a seat on the company's board.

The deal marks the fifth investment from Altitude's maiden fund, which held a final close in June 2012 on £8m. The fund made its first divestment this year, exiting The Care Division to Bridges Ventures-backed Alina Homecare and generating a 2.9x return.

Company
Founded in 2005 and headquartered in Plymouth, Moortec develops in-chip sensors for use in the consumer wireless, telecommunications, network communications, data centre and automotive sectors. It focuses specifically on process monitoring, voltage supply and temperature sensing.

People
Altitude Partners – Simon White, Jonathan Simm (partners).
Moortec – Stephen Crosher (managing director).

Advisers
Equity – Clarke Wilmott, Rob Ridd (legal); PKF Francis Clark, Paul Crocker, Nick Tippett, Jack Leggett (financial due diligence); RPL, Geoff Rampton (commercial due diligence).
Company – Ashfords, Andrew Betteridge, Ross Van De Velde (legal).

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• Topics
• Expansion
• UK / Ireland
• Technology
• United Kingdom
• Venture