GRUENDELPARTNER advises TGFS on seed funding for Last Mile Semiconductor

As part of a seed funding round, the Technology Start-up Fund Saxony (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 best-staffed advisory units 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.