- Companies
- Menlo Micro
Menlo Micro Revenue, Valuation, Funding & Investors
Menlo Micro is valued at $104M as of October 2020, a 20.8x multiple on its last reported $5M revenue.
Last Menlo Micro valuation
$104M
Series B · Oct 2020
Last Menlo Micro funding round
$150M
Series C · Mar 2022
Menlo Micro revenue
$5M
Series B · Oct 2020
Key investors in Menlo Micro
Paladin Capital Group
Future Shape
Vertical Venture Partners
Piva Capital
Fidelity
GE Ventures
About Menlo Micro
Menlo Micro is an Irvine-headquartered developer of the Ideal Switch, a solid-state electromechanical technology for AC/DC and RF switching. Founded in 2016, the company produces switches handling up to 100V and 10A in temperatures exceeding 150°C, used in battery management systems, home automation, and test equipment. Backed by investors like Rogers Venture Partners, Menlo Micro serves clients in automotive and aerospace, with products integrated into EV chargers and 5G infrastructure across the US and Asia.
Founded
2016
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Revenue
$5M (Oct 2020)
Valuation
$104M (Oct 2020)
Menlo Micro Valuation
Menlo Micro is currently valued at $104M, based on its Series B in October 2020.
The $44M round was led by 40 North Ventures, with participation from Bradley Horowitz, Future Shape, Piva Capital and Paladin Capital Group.
Menlo Micro valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Oct 2020 | Series B | $104M | 20.8x |
Menlo Micro Revenue
Menlo Micro's latest recorded revenue is $5M, as of its Series B in October 2020. At a $104M valuation, that implies a 20.8x revenue multiple.
Menlo Micro revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Oct 2020 | $5M | $104M | 20.8x | Series B |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Menlo Micro Funding History
Menlo Micro has raised a total of $228M across 3 funding rounds.
Menlo Micro's first fundraising round was a $34M Series A in December 2016. The most recent completed round was a $150M Series C in March 2022.
Menlo Micro funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Mar 2022 | Series C | Future Shape (lead); Vertical Venture Partners (lead); DBL Partners; PeopleFund; Fidelity; Adage Capital Management; Piva Capital; Paladin Capital Group; Lakewood & Company | $150M | - | Menlo Micro, an Irvine, California-based semiconductor company spun out from GE Ventures in 2016, develops the Ideal Switch technology, a disruptive electronic switch combining relay reliability with semiconductor scalability to reinvent switching for RF communications, power, and protection applications in a $100+ billion market. The company announced its $150 million Series C funding round on March 9, 2022, led by Vertical Venture Partners and Tony Fadell's Future Shape, with participation from new investors Fidelity Management & Research Company, DBL Partners, Adage Capital Management, and existing investors Standard Investments, Paladin Capital Group, Piva Capital, PeopleFund, and Lakewood & Company. This round brought total cumulative funding to over $225 million. The funding is designated to expand domestic U.S. manufacturing and supply chain capabilities for mass production of the Ideal Switch, with potential sites under consideration in California, New York, Texas, and Florida. Menlo Micro positions its technology to fuel the electrification of transportation, smart buildings, factories, power grids, and broader infrastructure, aiming for over $7 trillion in global cost savings by 2050. CEO Russ Garcia highlighted investor confidence in the technology's potential to modernize legacy electrical systems and address pressing challenges like power efficiency. Menlo Micro boasts a comprehensive patent portfolio, proven technology, and blue-chip customer list, setting it up for significant growth in 2022. Investors like DBL Partners' Ira Ehrenpreis emphasized the company's role in advancing electrification trends beyond transportation. |
| Oct 2020 | Series B | 40 North Ventures (lead); Bradley Horowitz; Future Shape; Piva Capital; Paladin Capital Group | $44M | $104M | Menlo Micro develops the Ideal Switch, a revolutionary electronic switch technology that combines the best attributes of electromechanical and solid-state relays, offering massive reductions in size, weight, power consumption, and cost. Originating from over 12 years of research at General Electric, the company was co-founded by CTO Chris Keimelel and SVP Chris Giovanniello, with CEO Russ Garcia and others scaling production using semiconductor-inspired MEMS processes. The technology targets applications in aerospace, defense, telecommunications, 5G, industrial IoT, test and measurement, and beyond, with samples shipped to over 30 customers. On October 14, 2020, Menlo Micro closed a $44 million Series B funding round led by 40 North Ventures, with participation from Piva Capital, Paladin Capital Group, Future Shape (Tony Fadell), Vertical Venture Partners, bringing total funding to $77 million. Investors praised the breakthrough after decades of industry attempts. Funds support ramping high-volume production from a new 8-inch fab, targeting over 100,000 units per month by end-2020 and millions monthly in 2021 to fulfill orders and meet demand. Traction included thousands of units produced quarterly pre-round, with CEO projecting single-digit millions in revenue by end-2020 and double-digit millions in 2021. Headcount grew 40% that year, planning to reach 40 employees by year-end. GE transitioned from equity investor to licensor. |
| Dec 2016 | Series A | Paladin Capital Group (lead); Matias de Tezanos; Future Shape; Vertical Venture Partners; Microsemi; GE Ventures; Corning | $34M | - | Menlo Micro, founded in 2016 as a spin-off from GE Ventures after over 12 years of research at General Electric, develops the Ideal Switch, a revolutionary electronic switch technology combining electromechanical and solid-state benefits to achieve over 99% reductions in size, weight, power, and cost. The company targets industries including 5G mobile networks, aerospace and defense, test and measurement, industrial IoT, home automation, electric vehicles, medical instrumentation, and quantum computing. Co-founded by CTO Chris Keimel and SVP Chris Giovanniello, with CEO Russ Garcia and SVP Jeff Baloun leading productization and scaling. On December 6, 2016, Menlo Micro closed its $33.5 million Series A funding round led by Paladin Capital Group, with participation from Corning, Future Shape, GE Ventures, Matias de Tezanos, Microsemi, and Vertical Venture Partners. This initial round marked the company's launch, bringing total funding to $33.5 million at that point. Subsequent rounds built on this foundation: a $44 million Series B in October 2020 led by 40 North Ventures with Piva, Paladin Capital Group, Vertical Venture Partners, and Future Shape, increasing total funding to $77-78 million; and a $150 million Series C in March 2022 led by Vertical Venture Partners and Future Shape with Fidelity, DBL Partners, Adage Capital Management, and others, reaching over $225 million total. Funds supported production scaling, with over 30 customers by 2020 and plans for one million units monthly. Menlo Micro positions its Ideal Switch as a transistor-level innovation for the $100+ billion market in RF communications, power switching, and protection devices, enabling electrification across transportation, buildings, and appliances while reducing emissions. By 2020-2022, it expanded U.S. manufacturing explorations in California, New York, Texas, and Florida, grew headcount to 40 employees, and targeted high-power applications amid global supply chain challenges. |
Who has invested in Menlo Micro?
15 investors have backed Menlo Micro across its funding rounds, including Paladin Capital Group, Future Shape, Vertical Venture Partners, Piva Capital, Fidelity and GE Ventures.
Lead investors include Future Shape, Vertical Venture Partners, 40 North Ventures and Paladin Capital Group.
Menlo Micro Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Dec 2016 | ||
| 3 | Lead | Dec 2016 | ||
| 2 | Lead | Dec 2016 | ||
| 2 | Participant | Oct 2020 | ||
| 1 | Participant | Mar 2022 | ||
| 1 | Participant | Mar 2022 | ||
| 1 | Participant | Mar 2022 | ||
| 1 | Participant | Oct 2020 | ||
| 1 | Lead | Oct 2020 | ||
| 1 | Participant | Dec 2016 | ||
| 1 | Participant | Dec 2016 | ||
| 1 | Participant | Mar 2022 | ||
| 1 | Participant | Dec 2016 | ||
This data is available for Pro users. Sign up to see all 15 Menlo Micro investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialInvestments by Menlo Micro
Menlo Micro has invested in 1 company to date.
Latest investment by Menlo Micro was on January 31st 2022. Menlo Micro invested in 3d Glass Solutions in their $4M Series B round.
Latest Investments by Menlo Micro
| Description | 3D Glass Solutions is a systems integrator offering complete glass-enabled solutions using patented APEX Glass for electronics and IC packaging. The Lewisville, Texas-based company helps customers consolidate components on single platforms to lower manufacturing costs. Their services target industries needing advanced packaging technologies for higher density integration. |
| HQ Country | |
| HQ City | - |
| Deal Date | 31 Jan 2022 |
| Round | Series B |
| Raised | $4M |
| Investors | Sun Mountain Capital; Corning |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Menlo Micro investments and their VC round multiples. Start Free Trial | |
Menlo Micro Competitors
Menlo Micro competitors include listed companies like MagnaChip Semiconductor, Kalray, LGL Group and EnSilica, and private ones like Zhuoguangrui and Bolb Inc.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $179M | ($23M) | $103M | 0.3x | ||
| Publicly listed | $19M | $161K | $113M | 5.4x | ||
| Private | - | - | $86M | - | ||
| Publicly listed | $4M | $270K | $86M | 8.6x | ||
| Private | - | - | $80M | - | ||
| Publicly listed | $24M | ($1M) | $139M | 3.7x |
Menlo Micro Public Comps
Menlo Micro is still privately-owned, but its public comps include MIC Electronics, MagnaChip Semiconductor, LK Chem, Fae Technology, JIG-SAW, VIGO Photonics, Innoviz, Kalray, Data Modul and Ultralife.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $17M | $3M | 6.3x | - | 41.7x | - | |||
| $179M | ($23M) | 0.3x | 0.3x | (2.5x) | - | |||
| $15M | $5M | 5.6x | - | 18.0x | - | |||
| $77M | $7M | 1.4x | 1.3x | 15.8x | 15.3x | |||
| $23M | $4M | 4.3x | 4.3x | 22.1x | - | |||
| $25M | $3M | 5.0x | 3.9x | 45.7x | 23.5x | |||
| $55M | ($62M) | 1.5x | 1.3x | (1.3x) | (1.3x) | |||
| $19M | $161K | 6.0x | 5.4x | 699.8x | 22.4x | |||
This data is available for Pro users. Sign up to see all Menlo Micro competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Menlo Micro
| When was Menlo Micro founded? | Menlo Micro was founded in 2016. |
| Where is Menlo Micro headquartered? | Menlo Micro is headquartered in Los Angeles, CA, United States. |
| Is Menlo Micro publicly listed? | No, Menlo Micro is a private, VC-backed company. |
| What is Menlo Micro's valuation? | Menlo Micro was last valued at $104M in its Series B in October 2020. |
| How much funding has Menlo Micro raised? | Menlo Micro has raised $228M across 3 funding rounds. |
| What was Menlo Micro's last funding round? | Menlo Micro's last funding round was a $150M Series C in March 2022, led by Future Shape and Vertical Venture Partners. |
| Who are Menlo Micro's investors? | Menlo Micro's investors include Future Shape, Paladin Capital Group, Vertical Venture Partners, Piva Capital, DBL Partners, PeopleFund, Fidelity, Bradley Horowitz, 40 North Ventures, Matias de Tezanos and 5 others. |
| What is Menlo Micro's revenue? | Menlo Micro's latest recorded revenue is $5M (October 2020). |
| What is Menlo Micro's revenue multiple? | Menlo Micro's latest valuation implies a 20.8x revenue multiple ($104M valuation on $5M of revenue). |
| Which companies are comparable to Menlo Micro? | Companies comparable to Menlo Micro include MagnaChip Semiconductor, Kalray, Zhuoguangrui, LGL Group, Bolb Inc and EnSilica. |
| How many companies has Menlo Micro invested in? | Menlo Micro has invested in 1 company, including 3d Glass Solutions. |
| What was Menlo Micro's last investment? | In January 2022, Menlo Micro invested in 3d Glass Solutions' $4M Series B alongside Sun Mountain Capital and Corning. |
See companies similar to Menlo Micro
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




