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 proprietary, software-automated platform. This platform enables Tempo to provide its customers, predominantly from industries such as aerospace, medical technology, and automotive, with unparalleled speed, quality, and transparency during the critical prototype and new product introduction stages. By optimizing the complex PCB manufacturing process, Tempo Automation empowers its clients to iterate quickly and bring innovative products to market more efficiently.

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, and manufacturing gas flow controllers for the semiconductor industry, primarily in Asia and North America. Founded in 2003 and based in Fremont, California, the company offers a technology platform that includes innovative hardware and software solutions. Their products, such as gas flow controllers and monitors, utilize advanced machine learning to enhance monitoring and control of critical parameters in wafer processing, thereby improving productivity and efficiency in semiconductor fabrication. Pivotal Systems serves a diverse clientele, including integrated device manufacturers, foundries, and original equipment manufacturers, with a significant portion of its revenue generated from the Asian market.

Pivotal Systems

Convertible Note in 2016
Pivotal Systems Corporation specializes in designing, developing, and manufacturing gas flow controllers for the semiconductor industry, primarily in Asia and North America. Founded in 2003 and based in Fremont, California, the company offers a technology platform that includes innovative hardware and software solutions. Their products, such as gas flow controllers and monitors, utilize advanced machine learning to enhance monitoring and control of critical parameters in wafer processing, thereby improving productivity and efficiency in semiconductor fabrication. Pivotal Systems serves a diverse clientele, including integrated device manufacturers, foundries, and original equipment manufacturers, with a significant portion of its revenue generated from the Asian market.

Tapad

Series B in 2015
Tapad, Inc. is a marketing technology company that specializes in identity-based marketing solutions. It offers a suite of products, including the Tapad Customer Data Platform and the Tapad Graph, which allows users to integrate first-party data with predictive modeling to enhance marketing outcomes. The Tapad Graph assimilates vast amounts of data to reveal the connections between various devices, such as smartphones, tablets, and connected TVs, enabling a comprehensive understanding of consumer behavior. Additionally, Tapad provides Device Graph Access for targeted marketing and measurement, an Applied Analytics suite to evaluate campaign performance, and Dynamic Audiences for precise consumer targeting across devices. The company serves a diverse clientele, including agency trading desks, publishers, marketing technology firms, and Fortune 500 brands. Founded in 2010 and headquartered in New York, Tapad operates globally with offices in several major cities, including London, Chicago, Oslo, Singapore, and Tokyo. As of late 2020, Tapad functions as a subsidiary of Experian plc.

Pivotal Systems

Series C in 2014
Pivotal Systems Corporation specializes in designing, developing, and manufacturing gas flow controllers for the semiconductor industry, primarily in Asia and North America. Founded in 2003 and based in Fremont, California, the company offers a technology platform that includes innovative hardware and software solutions. Their products, such as gas flow controllers and monitors, utilize advanced machine learning to enhance monitoring and control of critical parameters in wafer processing, thereby improving productivity and efficiency in semiconductor fabrication. Pivotal Systems serves a diverse clientele, including integrated device manufacturers, foundries, and original equipment manufacturers, with a significant portion of its revenue generated from the Asian market.

Pivotal Systems

Series B in 2014
Pivotal Systems Corporation specializes in designing, developing, and manufacturing gas flow controllers for the semiconductor industry, primarily in Asia and North America. Founded in 2003 and based in Fremont, California, the company offers a technology platform that includes innovative hardware and software solutions. Their products, such as gas flow controllers and monitors, utilize advanced machine learning to enhance monitoring and control of critical parameters in wafer processing, thereby improving productivity and efficiency in semiconductor fabrication. Pivotal Systems serves a diverse clientele, including integrated device manufacturers, foundries, and original equipment manufacturers, with a significant portion of its revenue generated from the Asian market.

Tapad

Series B in 2014
Tapad, Inc. is a marketing technology company that specializes in identity-based marketing solutions. It offers a suite of products, including the Tapad Customer Data Platform and the Tapad Graph, which allows users to integrate first-party data with predictive modeling to enhance marketing outcomes. The Tapad Graph assimilates vast amounts of data to reveal the connections between various devices, such as smartphones, tablets, and connected TVs, enabling a comprehensive understanding of consumer behavior. Additionally, Tapad provides Device Graph Access for targeted marketing and measurement, an Applied Analytics suite to evaluate campaign performance, and Dynamic Audiences for precise consumer targeting across devices. The company serves a diverse clientele, including agency trading desks, publishers, marketing technology firms, and Fortune 500 brands. Founded in 2010 and headquartered in New York, Tapad operates globally with offices in several major cities, including London, Chicago, Oslo, Singapore, and Tokyo. As of late 2020, Tapad functions as a subsidiary of Experian plc.

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 offers a comprehensive platform tailored for marketers, brands, and agencies. Founded in 2004 and headquartered in Redwood City, California, Turn provides an integrated solution known as Digital Hub, which includes several key applications: Audience Suite for enterprise data management, Campaign Suite for digital media buying across various channels, and DataMine Analytics for data exploration and optimization. The company's services focus on digital data centralization, media planning, consumer intelligence, and brand intelligence, ultimately enhancing advertising performance. With a global presence, Turn operates in multiple locations across the United States, Brazil, Europe, Asia, and Australia, delivering insights and enabling effective bidding strategies through their cloud-based architecture.

IntraOp

Acquisition in 2013
IntraOp Medical Corporation, based in Sunnyvale, California, specializes in technology solutions for cancer treatment. The company is known for its Mobetron device, which delivers intra-operative electron radiation therapy (IOERT) to effectively target various types of cancer. IntraOp's portable and self-shielding linear accelerators allow oncologists to provide precise radiation therapy during surgery, enhancing local tumor control while minimizing side effects and treatment duration. Through partnerships, including a collaboration with The Lausanne University Hospital for FLASH radiotherapy development, IntraOp is committed to advancing cancer care and increasing treatment accessibility. Established in 1993, the company has positioned itself as a leading innovator in electron therapy devices, utilized by top oncologists and medical institutions worldwide.

Telepathy

Series A in 2013
Telepathy Inc. is a company based in Sunnyvale, California, specializing in social communication devices aimed at enhancing interpersonal connections. Founded in 2013, it develops innovative products that facilitate real-time interactive communication by sharing visual experiences among users across different locations. One of its key offerings is the Telepathy One, a wearable computer designed to allow users to receive feedback and engage in seamless interactions. The company, which also has a presence in San Francisco, aims to create technology that fosters stronger bonds between individuals through its unique communication solutions.

Pivotal Systems

Series A in 2013
Pivotal Systems Corporation specializes in designing, developing, and manufacturing gas flow controllers for the semiconductor industry, primarily in Asia and North America. Founded in 2003 and based in Fremont, California, the company offers a technology platform that includes innovative hardware and software solutions. Their products, such as gas flow controllers and monitors, utilize advanced machine learning to enhance monitoring and control of critical parameters in wafer processing, thereby improving productivity and efficiency in semiconductor fabrication. Pivotal Systems serves a diverse clientele, including integrated device manufacturers, foundries, and original equipment manufacturers, with a significant portion of its revenue generated from the Asian market.

Tapad

Series B in 2013
Tapad, Inc. is a marketing technology company that specializes in identity-based marketing solutions. It offers a suite of products, including the Tapad Customer Data Platform and the Tapad Graph, which allows users to integrate first-party data with predictive modeling to enhance marketing outcomes. The Tapad Graph assimilates vast amounts of data to reveal the connections between various devices, such as smartphones, tablets, and connected TVs, enabling a comprehensive understanding of consumer behavior. Additionally, Tapad provides Device Graph Access for targeted marketing and measurement, an Applied Analytics suite to evaluate campaign performance, and Dynamic Audiences for precise consumer targeting across devices. The company serves a diverse clientele, including agency trading desks, publishers, marketing technology firms, and Fortune 500 brands. Founded in 2010 and headquartered in New York, Tapad operates globally with offices in several major cities, including London, Chicago, Oslo, Singapore, and Tokyo. As of late 2020, Tapad functions as a subsidiary of Experian plc.

Pivotal Systems

Venture Round in 2012
Pivotal Systems Corporation specializes in designing, developing, and manufacturing gas flow controllers for the semiconductor industry, primarily in Asia and North America. Founded in 2003 and based in Fremont, California, the company offers a technology platform that includes innovative hardware and software solutions. Their products, such as gas flow controllers and monitors, utilize advanced machine learning to enhance monitoring and control of critical parameters in wafer processing, thereby improving productivity and efficiency in semiconductor fabrication. Pivotal Systems serves a diverse clientele, including integrated device manufacturers, foundries, and original equipment manufacturers, with a significant portion of its revenue generated from the Asian market.

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 copper indium gallium selenide (CIGS) thin-film solar cells and modules. Founded in 2005, the company focuses on producing ultra-lightweight and flexible solar products for large-scale commercial, government, and municipal rooftops. Its offerings include the SoloPanel SP1, designed for integration with standing-seam metal roofs, as well as large-format flexible modules like the SoloPanel SP3L and SP3S for industrial applications. SoloPower aims to provide cost-effective solar solutions that can compete with traditional energy sources while ensuring easy installation. The company serves a diverse clientele that includes developers, independent power producers, engineering firms, and product distributors across various regions, including the United States, Europe, and Asia.

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 copper indium gallium selenide (CIGS) thin-film solar cells and modules. Founded in 2005, the company focuses on producing ultra-lightweight and flexible solar products for large-scale commercial, government, and municipal rooftops. Its offerings include the SoloPanel SP1, designed for integration with standing-seam metal roofs, as well as large-format flexible modules like the SoloPanel SP3L and SP3S for industrial applications. SoloPower aims to provide cost-effective solar solutions that can compete with traditional energy sources while ensuring easy installation. The company serves a diverse clientele that includes developers, independent power producers, engineering firms, and product distributors across various regions, including the United States, Europe, and Asia.

Silicon Genesis

Series C in 2007
Silicon Genesis Corporation specializes in manufacturing substrate technology, processes, and equipment for the semiconductor, solar, display, and optoelectronics industries, serving both domestic and international markets. The company focuses on silicon-on-insulator (SOI) and strained-silicon products, as well as engineered multi-layer structures for advanced electronic and optoelectronic applications. Key offerings include a plasma-activation tool for bonding silicon wafers, the DB & C Tool for layer transfer applications, and a range of material processes for SOI and other engineered substrates. Silicon Genesis also provides intellectual property licensing, in-house application-engineering services, and process training and support. Established in 1997 and headquartered in San Jose, California, the company transitioned to a fabless IP licensor and equipment provider in 2004, securing numerous licenses across various sectors. With a significant share of the semiconductor silicon wafer market, Silicon Genesis aims to expand into the solar cell market, tapping into high-growth segments across multiple industries.

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 copper indium gallium selenide (CIGS) thin-film solar cells and modules. Founded in 2005, the company focuses on producing ultra-lightweight and flexible solar products for large-scale commercial, government, and municipal rooftops. Its offerings include the SoloPanel SP1, designed for integration with standing-seam metal roofs, as well as large-format flexible modules like the SoloPanel SP3L and SP3S for industrial applications. SoloPower aims to provide cost-effective solar solutions that can compete with traditional energy sources while ensuring easy installation. The company serves a diverse clientele that includes developers, independent power producers, engineering firms, and product distributors across various regions, including the United States, Europe, and Asia.

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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