Pivotal Systems Completes a Series D $8.0 Million for Funding Manufacturing Expansion
Pivotal Systems Corporation, a developer of best-in-class gas flow monitoring and control technology for the semiconductor manufacturing industry, today announced that it has raised $8.0 million in new equity funding. Anzu Partners, headed by David Michael, was the lead investor along with other accredited investors. Existing investors, including Firsthand Technology Value Fund (NASDAQ: SVVC), Pivotal Systems’ largest shareholder and Quan Fund (Geneva, Switz.) also participated in the new round.
Pivotal Systems’ flagship Gas Flow Controller (GFCTM) product, which was launched in 2012, replaces traditional mass flow controllers (MFCs) and provides real-time, in situ process monitoring and control technology to semiconductor manufacturers. With semiconductor manufacturing process technology scaling below 10 nanometers, Pivotal Systems has seen tremendous growth in 2016 and sees a significant increase in the demand in 2017 and beyond. “2016 has been a very solid year for growth and we expect continued substantial increase in semiconductor market share in 2017. To support this growth we will be expanding our manufacturing capacity by adding a facility in Asia,” said John Hoffman, Pivotal Systems’ Chief Executive Officer.
“Pivotal Systems has developed game-changing gas flow technology and we believe it’s only a matter of time until it becomes the industry standard,” remarked Kevin Landis, CEO of Firsthand Technology Value Fund. “We are delighted to support the expansion of this dynamic company.”