BayTech Venture Capital and Adara Ventures invest € 4 million in Micro-imaging Solutions Company Eyesquad

BayTech Venture Capital has lead a € 4 million Series A funding round with co-investor Adara Ventures in Eyesquad, an innovative micro‑imaging systems company providing groundbreaking solutions for cameras in camera phones and other micro-imaging applications. The company will use the capital to expand its research and development and accelerate its marketing activities.

Eyesquad’s technology enables the affordable production of camera phones with advanced features currently only available in digital still cameras (DSCs). That includes improved image quality, continuous optical zoom, built-in auto-focus and close-up picture taking capability - possible without any moving parts or lens shape-changing and using existing production methods.

The company’s products address the booming camera phones market. Some 370 million camera phones were shipped in 2005, according to recent market data, and analysts project that by the year 2009, over 860 million camera phones will be sold annually.

Headquartered in Munich, Germany, with an R&D center in Tel-Aviv, Israel, Eyesquad’s management team has expertise in imaging technologies, as well as operational, marketing and business development experience. The team has extensive experience in developing and growing imaging technology businesses in the cellular, PC camera and automotive spaces.

“Eyesquad’s unique combination of superior technology, its outstanding management and the lucrative market it addresses matches BayTech’s vision of a high-potential company,” says Jude S. Ngu’Ewodo, partner with BayTech Venture Capital. “We are confident that it will successfully bring this technology to market and become a leading provider of camera phone solutions.”

Adds Roberto de Saint-Malo, Managing Partner at Adara, “Eyesquad’s technology makes it possible to deliver readily manufacturable, feature-rich micro-imagers at an affordable cost. We feel excited about having made an investment in a technology and a team of this caliber and global scope.”

“We’re extremely pleased that seasoned investors of the caliber of BayTech and Adara have selected Eyesquad as their first Israel‑related investment,” says Hans Wagner, Eyesquad's chairman and a cellular industry veteran. “We are confident that the combination of European-based business development with Israeli R&D excellence will result in a highly successive venture."

About Eyesquad

Eyesquad, a privately-held company and a supplier of advanced micro-imaging solutions, is developing revolutionary solutions for the booming camera phone market. Eyesquad is headquartered in Munich, Germany, with an R&D center in Tel-Aviv, Israel.

About Adara Ventures

Adara Ventures is a venture capital vehicle, based in Luxembourg, which invests in high-growth, internationally-oriented and innovative ICT ventures. Adara’s main focus within this space are companies that are based in or address the Spanish market. The Adara team features extensive investing and operational experience, and offers decisive growth and developmental support to portfolio companies.