Elve Secures $15M in Series A Funding to Increase Manufacturing and Expand Customer Base
Elve Inc., a leader in innovative millimeter wave amplifier technology, is pleased to announce the successful completion of its Series A round of $15M from a selected group of investors, including TomEnterprise Private AB, Green Sands Equity, Yu Galaxy, Cambium Capital, and Lockheed Martin Ventures.
Elve will use this funding to grow its customer base in the space connectivity market and to increase manufacturing capabilities. “Closing this funding round represents another significant milestone in our journey, and it will enable us to continue our mission of expanding access to fiber-like wireless connectivity,” said Dr. Diana Gamzina, CEO at Elve.
How This Startup Cut Production Costs of Millimeter Wave Power Amplifiers
Diana Gamzina is on a mission to drastically reduce the price of millimeter-wave power amplifiers. The vacuum-electronics devices are used for communication with distant space probes and for other applications that need the highest data rates available.
The amplifiers can cost as much as US $1 million apiece because they’re made using costly, high-precision manufacturing and manual assembly. Gamzina’s startup, Elve, is using advanced materials and new manufacturing technologies to lower the unit price.
It can take up to a year to produce one of the amplifiers using conventional manufacturing processes, but Elve is already making about one per week, Gamzina says. Elve’s process enables sales at about 10 percent of the usual price, making large-volume markets more accessible.