STMicroelectronics NV (NYSE: STM) is acquiring the intellectual property of bTendo Ltd., a developer of miniaturized scanning laser projectors, which will become the basis for a future development center. The acquisition was reportedly for a few million dollars. A few weeks ago, STM initiated strategic operations in Israel, including investments in, and intensive collaborations with, local companies. bTendo's 20 employees will become the development center for STM Europe.
The companies signed a cooperation agreement in February 2011 to develop a miniature Pico Projector for smartphones and other portable consumer electronics devices, based on bTendo’s Scanning Laser Projection engine technology and STM’s MEMS (Micro-Electro Mechanical Systems), video processing, and semiconductor process technology.
bTendo, founded in 2006, is developing projection solutions for devices that require multimedia large-scale storage and viewing capabilities. Devices improved user interfaces require high-quality projection of video, images, and games on scales larger than a telephone screen. Mobile communications semiconductor giants, such as Texas Instruments Inc. (NYSE: TXN), are developing these technologies.
bTendo has raised $7 million from Carmel Ventures and BlueRun Ventures. Its CEO since 2009 has been Dana Gross.
STM currently has no strategic operations in Israel. Until 2010, its presence was through the Kiryat Gat fab of Numonyx Inc., a joint venture with Intel Corporation (Nasdaq: INTC) and Francisco Partners, which was sold to Micron Technology Inc. (NYSE: MU).
STM and bTendo declined to comment on the report.
Published by Globes [online], Israel business news - www.globes-online.com - on August 5, 2012
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