GRUENDELPARTNER advises TGFS on seed funding for Last Mile Semiconductor

As part of a seed funding round, the Saxony Technology Start-up Fund (TGFS), together with the European Innovation Council Fund (EIC Fund) and the Saxony SME Investment Company (MBG), is investing a seven-figure sum in Last Mile Semiconductor GmbH.

Founded in 2022, the deep-tech start-up Last Mile Semiconductor GmbH (LMS) develops energy-efficient, high-security chips for the Internet of Things (IoT). As a ‘fabless chip company’, LMS focuses on the development and design of highly integrated system-on-chip (SoC) solutions and outsources manufacturing to specialist semiconductor manufacturers.

The TGFS is an equity partner in Saxony for the seed and start-up phases. The fund was first launched in 2008 by the Free State of Saxony and Saxon financial institutions and has since supported over 100 start-ups. In 2023, the TGFS launched its third fund generation.

GRUENDELPARTNER provided comprehensive legal advice to the lead investor, TGFS, during the financing round, covering due diligence and contract negotiations.

GRUENDELPARTNER’s M&A, Venture Capital and Private Equity practice group is one of the most experienced and largest advisory teams in Central Germany and supports investors and entrepreneurs through all stages of development, particularly in company formation, business development, corporate finance and all exit processes.