Microelectronics and Photonics Packaging Company to Apply Additional Seed Investment to Continue Aggressive Growth Initiatives.
New York Ventures Provides Capital to Grow and Support Early-Stage, High-Growth Startups Located in New York State Through Direct Investments
Empire State Development (ESD) today announced a $250,000 investment in Mosaic Microsystems, a Rochester based microelectronics and photonics packaging company. This investment was provided by New York Ventures, the venture capital arm of Empire State Development. A total of $2.4 million in funding was raised in this round, led by strategic investors Samtec and Corning Incorporated. The company has also received substantial non-dilutive funding through the Department of Defense’s Small Business Innovation Research (SBIR) program, including a current Phase II project with GE Research and the Air Force Research Lab (AFRL) in Rome, Oneida County.
Mosaic Microsystems is a semiconductor packaging company that has commercialized the use of thin glass substrates with through glass vias (TGVs) for next generation microelectronics and photonics, such as 5G technology. This portion of the seed financing will provide capital to expand Mosaic’s output, enabling the company to meet the needs of its growing customer base.
Empire State Development Acting Commissioner and President & CEO-designate Eric Gertler said, “New York Ventures and ESD are continuing to support the growth of diverse entrepreneurs in high-growth startups across New York State. The investment in Mosaic is yet another example of how the public and private sectors can work together to support technology innovation that strengthens our state’s global competitiveness in advanced manufacturing.”
Mosaic CEO Christine Whitman said, “Mosaic has unlocked the potential for volume manufacturing of 5G wireless filters and antennae in glass. The industry has recognized that thin glass has advantages over ceramic packaging, notably lower electrical loss. Despite these benefits, market adoption of glass has been limited due to tough challenges like glass wafer handling. Mosaic has solved these challenges and developed the ability to integrate new features.
Mosaic Microsystems Board Member, and Corning executive, David Velasquez, said, “Consumers demand high-quality cell service and faster streaming wherever they are. That means that our mobile devices need more efficient filters and antennas. The properties of glass make it a great solution for these device components, which enable next-generation telecommunications to support faster, seamless connections. Corning is pleased to see the progress in the commercialization of this important technology, and we’re excited to work with New York Ventures and ESD to support the growth of New York State’s semiconductor manufacturing infrastructure.”
Historically, New York State has had a major role in the growth of the global semiconductor industry, with pioneering developments of IBM in the Southern Tier and Hudson Valley and XEROX in Rochester. As of 2019, the semiconductor industry in New York State ranks third in the U.S., supporting over 34,400 jobs in 88 facilities, approximately $4.7 billion in wages, and $1.7 billion in exports by value. New York State has many prominent private sector partners, including IBM, Global Foundries, ON Semi, Applied Materials, Tokyo Electron, AIM Photonics, Corning, GE, and Cree. These companies have facilities located in communities across the entire state, including, the Capital Region Finger Lakes Region, Southern Tier, Mohawk Valley Region, and Mid-Hudson Region. There is also a vibrant start-up ecosystem for this industry which includes Menlo Micro, NextGen Power Systems, and Odyssey Semiconductor.
About New York Ventures
New York Ventures is the venture capital investment arm of Empire State Development, New York State’s economic development agency. New York Ventures supports and invests in diverse entrepreneurs and their high growth companies across the state to secure a healthy, sustainable and economically vibrant future for all New Yorkers. More information is available here.
About Mosaic Microsystems
Mosaic Microsystems is a microelectronics and photonics packaging company located in Rochester, NY. Mosaic delivers robust solutions to enable thin glass products for exciting initiatives in RF communications, particularly for 5G, as well as advanced packaging, MEMs and sensors for the internet of things (IoT). Mosaic’s solutions provide customers with the ability to establish high volume manufacturing of thin glass solutions using existing industry standard equipment and processes. For more information on Mosaic Microsystems, please visit www.mosaicmicro.com
About Empire State Development
Empire State Development (ESD) is New York’s chief economic development agency. The mission of ESD is to promote a vigorous and growing economy, encourage the creation of new job and economic opportunities, increase revenues to the State and its municipalities, and achieve stable and diversified local economies. Through the use of loans, grants, tax credits and other forms of financial assistance, ESD strives to enhance private business investment and growth to spur job creation and support prosperous communities across New York State. ESD is also the primary administrative agency overseeing Governor Cuomo’s Regional Economic Development Councils and the marketing of “I LOVE NY,” the State’s iconic tourism brand. For more information on Regional Councils and Empire State Development, please visit www.regionalcouncils.ny.gov and www.esd.ny.gov.