News: Optoelectronics
7 August 2024
Sivers to spin off Photonics subsidiary as NASDAQ-traded firm with Silicon Valley HQ
Sivers Semiconductors AB of Kista, Sweden (which supplies ICs and photonic modules for communications and sensor solutions) has entered into a non-binding letter of intent (LOI) to merge its subsidiary Sivers Photonics Ltd of Glasgow, Scotland, UK with byNordic Acquisition Corp, a publicly traded special purpose acquisition company (SPAC).
Upon completion of the de-SPAC process, the proposed transaction aims to create an independent, NASDAQ-traded photonics company, funded by significant cash reserves, with new headquarters in California’s Silicon Valley while maintaining manufacturing operations in the UK.
It is reckoned that the transaction should bring Sivers Photonics closer to investors, customers and partners within the US AI ecosystem. Sivers Photonics currently has about 80% of its net revenue in the USA.
Sivers currently comprises two subsidiaries: Wireless and Photonics. With a particular focus on indium phosphide (InP) laser sources, Sivers Photonics develops customizable lasers (such as tunable multi-wavelength lasers for direct on-chip integration) targeting high-growth artificial intelligence (AI) infrastructure and sensing applications for data centers, consumer healthcare and automotive LiDAR.
Underpinned by 25+ years of R&D, Sivers Photonics has developed a portfolio of technologies and has 80 employees, including 12 PhDs. The firm has three issued patents and 16 patents pending across the US, UK, Canada and the World Intellectual Property Organization. Additionally, Sivers Photonics currently has contracts to develop unique, high-performance lasers for several leading silicon photonics (SiPh) providers, such as Ayar Labs, and is in discussion with several leading AI companies, including hyperscalers.
Subsequent to the photonics spin-off, Sivers remaining wireless business will consist of a portfolio of products in mmWave beam-former front-end integrated circuits, RF transceivers, repeaters and software algorithms for optimum mmWave RF performance for satellite and 5G infrastructure. Wireless business net revenue growth was 155% in 2023, reaching about $15m. These markets are developing rapidly, and Sivers has secured a number of contracts and design wins that are projected to drive significant product revenue growth over the next 3–5 years.
“The potential for AI photonics is immense yet overshadowed by the equally exciting Sivers´ Wireless business unit. With the attractive opportunity for silicon photonics in AI infrastructure and the emerging demand for photonic biometric sensors, we feel now is the right time to shine a light on this business unit as a standalone entity to gain access to the US capital markets and create an opportunity for our shareholders to participate in its potential future success,” says Sivers Semiconductor’ chairman Bami Bastani. “At the same time, we also look to capitalize on the success of the Sivers’ Wireless business unit and the demand for our leading-edge mmWave beam-former solutions for satellite and 5G, which has gained substantial traction with customers in these developing markets over the last several years, enabling us to create a fully fabless and less capital-intensive company that will remain listed under Sivers Semiconductors AB.”
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