Another milestone for the Greek startup ecosystem comes to validate a fact that is known to everyone. Greek startups have proven they can perform beyond expectations. Think Silicon ’s exit, a Patras-based startup that trades in the semiconductor industry was announced amidst pandemic a few days ago.
And this development opens up/offers new perspectives for the Greek startups that trade in hardware.
On our part, we’re more than happy to share the great news with our audience, as Think Silicon was venture-backed by Metavallon VC. A VC that Starttech Ventures holds in great respect. Almost a year ago, we had the pleasure of hosting Alexandra Choli, partner of Metavallon VC, here at our offices; to discuss with her all about pitching to investors. This time we got the chance to have a short discussion with Myrto Papathanou, Metavallon VC partner; focused on Think Silicon acquisition. Myrto shared with us some thoughts on this great development.
Before we make these powerful insights available to you, let us first get you into the context; and give you all the details of the Think Silicon exit.
Think Silicon exit on the spotlight
Company profile: Think Silicon
Think Silicon was founded in 2007, in Patras within Patras Science Park with a clear direction and vision for the future. To become the leading low-power mobile graphics company in the world as they mention in their website. Specialized in developing and licensing high performance graphics, the company managed to reach a point that allows them to offer a wide range of graphics and display processors for the IoT, Wearables and broader Display devices markets.
Today, they have expanded their headquarters in Toronto and California. And this acquisition places Think Silicon under the umbrella of Applied Materials; a leading company in the semiconductor industry.
Applied Materials: the acquirer profile
Applied Materials is a California-based company. They are a global leader in the semiconductor industry; with more than 22.000 employees all over the world and a huge number of patents already granted on its name.
The acquisition of Think Silicon by Applied Materials that was announced on May 4th, is their 22nd one; according to their Crunchbase profile. They have already invested in over 80 companies across 15 countries. In particular, they have invested in startups that focus on pioneering innovations; such as augmented and virtual reality, big data, robotics and many other breakthrough technologies. And note that these investments were based on stage agnostic criteria.
As for Metavallon VC they led the Seed stage investment in the company last year, prior to that they had bootstrapped as Myrto informed us.
How Think Silicon exit changes the Greek startup scenery
As Metavallon VC notes this transaction marks the largest deep tech startup exit ever in Greece. In less than 200 words, Myrto Papathanou shared with us all the significant aspects of this exit.
“This deal puts Greece on the map as a source market for both international corporations as acquirers and investors in deep tech. The electronics and semiconductors sector in particular, despite being an unglamorous, often overlooked, one, has a strong legacy and can produce world class innovation.”
“The availability of early stage, smart capital is also a turning point in the market; giving tools for companies to bring to the market cutting edge solutions developed through years of R&D and productize technology. In addition to providing capital, VCs are rising to support local companies and entrepreneurs in setting ambitious targets; and working closely with them to achieve them.”
“As early stage investors, our role at Metavallon is to support innovation before there is commercial validation and wide adoption. In deep tech investments, there is a technology risk added to the usual commercial, implementation and growth risks; i.e. a question as to whether the technology developed will be the prevailing one. Greek high tech and deep tech companies once more prove their unparalleled engineering skills and ability to bring high added value solutions to the international market.”
And from our part we couldn’t agree more.
The Greek startup ecosystem has a bright future ahead
Summing up, Think Silicon exit speaks to the potential of the Greek startups; and the investment opportunities that follow in the broader region. And, as Myrto aptly pointed above, Greece can unfold into a wide hub of innovation and development. That is, as long as Greek VCs give prominence and support companies that have the potential to conquer markets all over the world.
