Firsthand Technology Value Fund BDC

Firsthand Technology Value Fund, Inc. is a publicly traded investment fund based in San Jose, California, that focuses on providing development funding and working capital to private technology and cleantech companies. Established in 1994, the fund primarily makes equity investments in businesses engaged in renewable energy, emissions reduction, and sustainable resource use. As a Maryland corporation registered with the SEC as a business development company under the Investment Company Act of 1940, it benefits from public liquidity and a favorable tax structure. Firsthand Capital Management, Inc. manages the fund, led by Kevin Landis, who has over 25 years of experience in technology investment. The management team has facilitated more than $300 million in investments across over 40 private companies in the last two decades, targeting both equity and debt financing opportunities within its sectors of interest.

Kevin Landis

Chief Investment Officer

22 past transactions

Revasum

Post in 2023
Revasum, Inc. is a manufacturer and marketer of semiconductor processing equipment, headquartered in San Luis Obispo, California. Founded in 2016, the company specializes in developing systems for grinding, polishing, and chemical mechanical planarization (CMP) that are essential in the production of wafers. These wafers are utilized in the fabrication of microchips, sensors, LEDs, RF devices, and power devices, which are integral to a variety of applications including IoT devices, mobile phones, wearables, automotive technology, and 5G networks. Revasum targets critical growth markets such as power, RF communications, and MEMS, focusing on innovation and product development to meet the specific needs of device manufacturers. Additionally, the company offers spare parts kits and training services to support its clients in the semiconductor industry across Asia, North America, and Europe.

Revasum

Post in 2023
Revasum, Inc. is a manufacturer and marketer of semiconductor processing equipment, headquartered in San Luis Obispo, California. Founded in 2016, the company specializes in developing systems for grinding, polishing, and chemical mechanical planarization (CMP) that are essential in the production of wafers. These wafers are utilized in the fabrication of microchips, sensors, LEDs, RF devices, and power devices, which are integral to a variety of applications including IoT devices, mobile phones, wearables, automotive technology, and 5G networks. Revasum targets critical growth markets such as power, RF communications, and MEMS, focusing on innovation and product development to meet the specific needs of device manufacturers. Additionally, the company offers spare parts kits and training services to support its clients in the semiconductor industry across Asia, North America, and Europe.

Tempo Automation Holdings

Post in 2022
Tempo Automation Holdings, established in 2013 and headquartered in San Francisco, specializes in manufacturing low-volume electronics products. The company's core business involves designing and assembling printed circuit boards (PCBs) using a unique, software-automated platform. This platform enables Tempo to provide unparalleled speed, quality, and transparency, particularly during the critical prototype and new product introduction stages. Serving leading innovators across industries such as aerospace, medical technology, and automotive, Tempo Automation empowers its customers to accelerate product development and time to market.

Revasum

Venture Round in 2018
Revasum, Inc. is a manufacturer and marketer of semiconductor processing equipment, headquartered in San Luis Obispo, California. Founded in 2016, the company specializes in developing systems for grinding, polishing, and chemical mechanical planarization (CMP) that are essential in the production of wafers. These wafers are utilized in the fabrication of microchips, sensors, LEDs, RF devices, and power devices, which are integral to a variety of applications including IoT devices, mobile phones, wearables, automotive technology, and 5G networks. Revasum targets critical growth markets such as power, RF communications, and MEMS, focusing on innovation and product development to meet the specific needs of device manufacturers. Additionally, the company offers spare parts kits and training services to support its clients in the semiconductor industry across Asia, North America, and Europe.

Pivotal Systems

Series D in 2016
Pivotal Systems Corporation specializes in designing, developing, manufacturing, and selling gas flow controllers for the semiconductor industry, primarily serving markets in Asia and North America. Founded in 2003 and headquartered in Fremont, California, the company offers a technology platform that includes gas flow controllers, monitors, and sensors, which facilitate real-time monitoring and control of critical parameters in wafer processing. By leveraging advanced machine learning, Pivotal Systems enhances preventive diagnostics, significantly improving productivity and capital efficiency in semiconductor fabrication. Its customer base comprises integrated device manufacturers, foundries, and original equipment manufacturers, with a notable revenue concentration in the Asia region.

Pivotal Systems

Convertible Note in 2016
Pivotal Systems Corporation specializes in designing, developing, manufacturing, and selling gas flow controllers for the semiconductor industry, primarily serving markets in Asia and North America. Founded in 2003 and headquartered in Fremont, California, the company offers a technology platform that includes gas flow controllers, monitors, and sensors, which facilitate real-time monitoring and control of critical parameters in wafer processing. By leveraging advanced machine learning, Pivotal Systems enhances preventive diagnostics, significantly improving productivity and capital efficiency in semiconductor fabrication. Its customer base comprises integrated device manufacturers, foundries, and original equipment manufacturers, with a notable revenue concentration in the Asia region.

Tapad

Series B in 2015
Tapad Inc., established in 2010, is a global marketing technology company headquartered in New York with offices worldwide. It specializes in providing identity-based marketing solutions, primarily its proprietary Tapad Graph. This technology integrates billions of data points to understand consumer behavior across various devices, enabling publishers and advertisers to engage consumers more effectively and personalize campaigns at scale. Tapad's offerings include The Tapad Customer Data Platform for managing first-party data, Device Graph Access for targeting workflows, Applied Analytics suite for campaign performance tracking, and Dynamic Audiences for precise cross-device targeting. Serving agency trading desks, publishers, marketing technology companies, and Fortune 500 brands, Tapad operates as a subsidiary of Experian plc since November 2020.

Pivotal Systems

Series C in 2014
Pivotal Systems Corporation specializes in designing, developing, manufacturing, and selling gas flow controllers for the semiconductor industry, primarily serving markets in Asia and North America. Founded in 2003 and headquartered in Fremont, California, the company offers a technology platform that includes gas flow controllers, monitors, and sensors, which facilitate real-time monitoring and control of critical parameters in wafer processing. By leveraging advanced machine learning, Pivotal Systems enhances preventive diagnostics, significantly improving productivity and capital efficiency in semiconductor fabrication. Its customer base comprises integrated device manufacturers, foundries, and original equipment manufacturers, with a notable revenue concentration in the Asia region.

Pivotal Systems

Series B in 2014
Pivotal Systems Corporation specializes in designing, developing, manufacturing, and selling gas flow controllers for the semiconductor industry, primarily serving markets in Asia and North America. Founded in 2003 and headquartered in Fremont, California, the company offers a technology platform that includes gas flow controllers, monitors, and sensors, which facilitate real-time monitoring and control of critical parameters in wafer processing. By leveraging advanced machine learning, Pivotal Systems enhances preventive diagnostics, significantly improving productivity and capital efficiency in semiconductor fabrication. Its customer base comprises integrated device manufacturers, foundries, and original equipment manufacturers, with a notable revenue concentration in the Asia region.

Tapad

Series B in 2014
Tapad Inc., established in 2010, is a global marketing technology company headquartered in New York with offices worldwide. It specializes in providing identity-based marketing solutions, primarily its proprietary Tapad Graph. This technology integrates billions of data points to understand consumer behavior across various devices, enabling publishers and advertisers to engage consumers more effectively and personalize campaigns at scale. Tapad's offerings include The Tapad Customer Data Platform for managing first-party data, Device Graph Access for targeting workflows, Applied Analytics suite for campaign performance tracking, and Dynamic Audiences for precise cross-device targeting. Serving agency trading desks, publishers, marketing technology companies, and Fortune 500 brands, Tapad operates as a subsidiary of Experian plc since November 2020.

Phunware

Series E in 2014
Phunware, Inc. is a software company based in Austin, Texas, specializing in a multiscreen-as-a-service (MaaS) enterprise cloud platform for mobile devices. Founded in 2009, Phunware enables brands to engage, manage, and monetize their mobile application portfolios through its comprehensive suite of software solutions. These include content management, location-based services, marketing automation, analytics, and audience engagement tools. The company offers its products as software-as-a-service and provides application transaction media services that support user acquisition and monetization strategies. Additionally, Phunware delivers data services for targeted marketing campaigns utilizing various technologies such as GPS and Wi-Fi. The company has also partnered with GAIN Innovation to pursue government contracts in Texas. Its primary revenue is generated within the United States, reflecting its focus on the domestic market.

Turn

Series E in 2014
Turn Inc. is an advertising technology company that specializes in providing a comprehensive platform for marketers, brands, and agencies. Founded in 2004 and headquartered in Redwood City, California, Turn offers an integrated solution known as Digital Hub, which includes several applications tailored for digital marketing. These applications encompass Audience Suite, an enterprise data management platform; Campaign Suite, which facilitates digital media buying across various channels including video, mobile, and social media; and DataMine Analytics, a solution for data exploration and optimization. The company focuses on digital data centralization, media planning and execution, and consumer and media intelligence. With additional locations in major cities across the United States and around the world, Turn aims to enhance advertising performance through advanced data management and bidding execution.

IntraOp

Acquisition in 2013
IntraOp Medical Corporation, established in 1993 and headquartered in Sunnyvale, California, specializes in developing and distributing advanced medical devices for cancer treatment. The company's flagship product is Mobetron, a portable linear accelerator delivering intra-operative electron radiation therapy (IOERT), enabling precise and effective cancer treatment at the point of care. IntraOp collaborates with renowned institutions like CHUV to advance radiotherapy technologies, such as FLASH radiotherapy towards human trials. Their products are utilized globally by leading oncologists and hospitals to enhance patient care and accessibility to effective treatments.

Telepathy

Series A in 2013
Telepathy Inc. is a hardware startup founded in 2013 by Takahito Iguchi, with its headquarters in Sunnyvale, California, and additional offices in San Francisco. The company specializes in developing social communication devices designed to enhance interpersonal connections. Its flagship product, the Telepathy One, is a wearable computer that facilitates real-time interactive communication by allowing users to share their visual experiences with others across the globe and receive feedback instantaneously. Initially launched at SXSW in Austin, Texas, Telepathy aims to introduce its innovative technology to the U.S. consumer market, enhancing social interactions through advanced communication solutions.

Pivotal Systems

Series A in 2013
Pivotal Systems Corporation specializes in designing, developing, manufacturing, and selling gas flow controllers for the semiconductor industry, primarily serving markets in Asia and North America. Founded in 2003 and headquartered in Fremont, California, the company offers a technology platform that includes gas flow controllers, monitors, and sensors, which facilitate real-time monitoring and control of critical parameters in wafer processing. By leveraging advanced machine learning, Pivotal Systems enhances preventive diagnostics, significantly improving productivity and capital efficiency in semiconductor fabrication. Its customer base comprises integrated device manufacturers, foundries, and original equipment manufacturers, with a notable revenue concentration in the Asia region.

Tapad

Series B in 2013
Tapad Inc., established in 2010, is a global marketing technology company headquartered in New York with offices worldwide. It specializes in providing identity-based marketing solutions, primarily its proprietary Tapad Graph. This technology integrates billions of data points to understand consumer behavior across various devices, enabling publishers and advertisers to engage consumers more effectively and personalize campaigns at scale. Tapad's offerings include The Tapad Customer Data Platform for managing first-party data, Device Graph Access for targeting workflows, Applied Analytics suite for campaign performance tracking, and Dynamic Audiences for precise cross-device targeting. Serving agency trading desks, publishers, marketing technology companies, and Fortune 500 brands, Tapad operates as a subsidiary of Experian plc since November 2020.

Pivotal Systems

Venture Round in 2012
Pivotal Systems Corporation specializes in designing, developing, manufacturing, and selling gas flow controllers for the semiconductor industry, primarily serving markets in Asia and North America. Founded in 2003 and headquartered in Fremont, California, the company offers a technology platform that includes gas flow controllers, monitors, and sensors, which facilitate real-time monitoring and control of critical parameters in wafer processing. By leveraging advanced machine learning, Pivotal Systems enhances preventive diagnostics, significantly improving productivity and capital efficiency in semiconductor fabrication. Its customer base comprises integrated device manufacturers, foundries, and original equipment manufacturers, with a notable revenue concentration in the Asia region.

SoloPower Systems

Venture Round in 2012
SoloPower Systems, Inc. is a photovoltaic technology company based in Portland, Oregon, specializing in the design, manufacture, and deployment of flexible and thin-film solar cells and modules. Founded in 2005, the company produces copper indium gallium selenide (CIGS) photovoltaic products that are engineered for large-scale applications on commercial, government, and municipal rooftops. Its product offerings include the SoloPanel SP1, optimized for standing-seam metal roof integration, as well as large-format flexible modules like the SoloPanel SP3L and SP3S, which cater to commercial and industrial building needs. SoloPower employs advanced electroplating technology to create ultra-lightweight solar solutions, allowing clients to address important factors such as system weight and wind loads during installation. The company serves a diverse clientele, including developers, independent power producers, engineering firms, and real estate investment trusts, with a presence in the United States and various international markets, including Europe, Asia, and the Middle East.

SoloPower Systems

Series C in 2008
SoloPower Systems, Inc. is a photovoltaic technology company based in Portland, Oregon, specializing in the design, manufacture, and deployment of flexible and thin-film solar cells and modules. Founded in 2005, the company produces copper indium gallium selenide (CIGS) photovoltaic products that are engineered for large-scale applications on commercial, government, and municipal rooftops. Its product offerings include the SoloPanel SP1, optimized for standing-seam metal roof integration, as well as large-format flexible modules like the SoloPanel SP3L and SP3S, which cater to commercial and industrial building needs. SoloPower employs advanced electroplating technology to create ultra-lightweight solar solutions, allowing clients to address important factors such as system weight and wind loads during installation. The company serves a diverse clientele, including developers, independent power producers, engineering firms, and real estate investment trusts, with a presence in the United States and various international markets, including Europe, Asia, and the Middle East.

Silicon Genesis

Series C in 2007
Silicon Genesis Corporation, established in 1997 and headquartered in San Jose, California, specializes in manufacturing advanced substrate technologies for various industries including semiconductor, solar, display, and optoelectronics. The company is renowned for its innovations in Silicon-on-Insulator (SOI) wafer fabrication, featuring plasma-activated bonding and room temperature cleaving processes. It offers a range of products such as stand-alone plasma-activation tools, DB & C Tool for layer transfer applications, and IP licensing services for engineered substrates like SOI, silicon on glass, and silicon on quartz. Silicon Genesis also provides application-engineering services to tailor processes to customers' needs, along with process training, installation, and ongoing support services. The company operates through a direct sales force and independent representatives, supported by an in-house service staff based in San Jose. As of 2004, it transitioned into a fabless IP licensor and equipment provider, with its wafer maker licensees holding over 45% of the global semiconductor silicon wafer market share. Silicon Genesis aims to expand its market applications into the solar cell industry, targeting high-growth segments in four major markets: Semiconductor, Solar, Optoelectronic, and Display.

SoloPower Systems

Series A in 2006
SoloPower Systems, Inc. is a photovoltaic technology company based in Portland, Oregon, specializing in the design, manufacture, and deployment of flexible and thin-film solar cells and modules. Founded in 2005, the company produces copper indium gallium selenide (CIGS) photovoltaic products that are engineered for large-scale applications on commercial, government, and municipal rooftops. Its product offerings include the SoloPanel SP1, optimized for standing-seam metal roof integration, as well as large-format flexible modules like the SoloPanel SP3L and SP3S, which cater to commercial and industrial building needs. SoloPower employs advanced electroplating technology to create ultra-lightweight solar solutions, allowing clients to address important factors such as system weight and wind loads during installation. The company serves a diverse clientele, including developers, independent power producers, engineering firms, and real estate investment trusts, with a presence in the United States and various international markets, including Europe, Asia, and the Middle East.

IP Unity

Series D in 2002
IP Unity delivers a carrier grade services platform for enhanced voice and telephony applications over ATM, TDM and VoIP Networks. The company's media servers, applications servers, enhanced service applications, and application partners allow customers to quickly and cost effectively offer new services associated with next generation networks while protecting their investment in legacy systems.
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