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Ivensense getting ready for IPO

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CIOL Bureau
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SAN JOSE, USA: InvenSense Inc, a provider of motion processing solutions or gyroscopes, has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission for the proposed initial public offering of its Class A common stock.

The number of shares to be offered and the price range for the offering have not yet been determined. The company, which provides gyroscopes, otherwise known as motion processing solutions, was established in 2003.

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Steven Nasiri, who is co-founder and executive of a number of MEMS companies, is the CEO.

The company has been growing at a steady rate, with headcount as of March 2010 standing at 165. IvenSense provides a Motion Processing solution which a their patented Nasiri-Fabrication process - a combination CMOS-MEMS process provided in a highly cost effective package.

In 2009, IvanSense began sales of its ISZ family of Z single-axis analog gyroscopes, IXZ family of X-Z dual-axis analog gyroscopes and ITG family of X-Y-Z three-axis digital output gyroscopes.

According to reports, Nintendo was the company’s largest customer in 2009 and 2010, incorporating the IvanSense motion sensing dual-axis gyroscope into its Wii MotionPlus accessory. Nintendo accounted for 85% of Ivansense sales in 2010.

InvenSense's revenue for 2008, 2009 and 2010 was $7.8 million, $29.0 million and $79.6 million respectively.

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