Back to the complete issue
Tuesday, 16 February 2021

Deep tech startup Si-Ware Systems raises USD 9 mn from Sawari Ventures, Egypt Ventures

Cairo-based microelectronics company Si-Ware Systems has raised a funding round worth nearly USD 9 mn from Sawari Ventures and Egypt Ventures, bringing total funding raised to USD 19 mn, Bassam Saadany, one of Si-Ware’s three co-founders, told Zawya. The company’s founders say they bootstrapped another USD 20 mn into the business in the form of proceeds from their sideline in microchip design, which has thrown off liquidity that they funneled into their core product activity. The company is one of very few in this part of the world that focuses on the development of novel core semiconductor and hardware technologies.

Si-Ware’s edge is in materials identification: “In 2016, Si-Ware released its first chip, which was as big as a large match box and cost nearly USD 2k.” Its NeoSpectra micro device, released three years later, is so small it can only be seen with an electronic microscope. ““Now, the lab can go to the field where the sample lies, instead of having the sample sent to the lab,” Saadany said.

The company is planning a split into two entities, NeoSpectra, which will push forward its microchip technology, and Pearl, which will specialize in the development and manufacturing of high-speed timing chips. “We are aspiring to be the first unicorn in high tech out of this region,” CEO Hesham Haddara said.


LEGISLATION WATCH- Eurobonds are now tax exempt: The House of Representatives voted to approve a bill to exempt capital gains made from trading government treasuries that were sold on international debt markets from fees and taxes, according to the local press.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.