Definvest has invested in Kalray, a French high-performance chip maker, marking the first investment by the specialist state-backed fund, the Armed Forces Ministry said.
That funding for Kalray, deemed to be a “strategic company,” was for €10 million (U.S. $12 million) of convertible bonds, the second tranche of a total €23.6 million in financing launched last June, the ministry said in a May 2 joint statement with Kalray and Bpifrance, a state-owned bank.
The Direction Générale de l’Armement procurement office has backed Kalray since 2010, the statement noted. “To strengthen its support for the development of this strategic company, the Definvest fund has acquired a stake, thus undertaking its first transaction.”
The equity fund, which was created to invest in small and medium enterprises specializing in advanced defense technology, subscribed to €2 million, and Alliance Ventures subscribed to €4 million, Kalray Chairman and CEO Eric Baissus told Defense News.