Si-Ware System Raises $9 Million From Sawari Ventures and Egypt Ventures

Si-Ware System Raises $9 Million From Sawari Ventures and Egypt Ventures

Cairo-based microelectronics company, Si-Ware, recently closed a funding deal of nearly $9 million.

Emboldened by the development of a unique sensor that founders believe can revolutionize the field of material identification around the globe, Si-Ware aspires to eventually emerge as the region’s first deep-tech unicorn, Zawya reports.  The company is one of very few in the MENA region that focuses on developing core semiconductor and hardware technologies from scratch.

Hisham Haddara and Bassam Saadany co-founded Si-ware in 2004, and since the company has raised a total of $19 million in funding.  With bootstrapping over the years, the co-founders have also been able to raise another $20 million from the company’s side business in microchip design.

Si-Ware is currently undergoing an internal restructuring to form two separate sister companies: NeoSpectra and Pearl. NeoSpectra will move forward with the company’s microchip inventions while Pearl specializes in the development and manufacturing of high-speed timing chips, which are necessary in computing and communicating devices.

The recent funds will be directed to NeoSpetra to finance more hiring and further product development.

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