Sivers Semiconductors AB confirmed plans to merge its subsidiary, Sivers Photonics Ltd, with byNordic Acquisition Corporation, a special purpose acquisition company (SPAC) listed on Nasdaq. The non-binding letter of intent (LOI) marks a significant step towards creating a standalone, publicly traded photonics company. The proposed merger is expected to equip Sivers Photonics with substantial cash reserves following the de-SPAC process, enabling it to further capitalize on high-growth markets.
Sivers Photonics is renowned for its advanced semiconductor photonic devices, particularly in the development of indium phosphide (InP) laser sources. These customizable lasers are essential for artificial intelligence infrastructure, healthcare, and automotive LIDAR applications. With over 25 years of research and development, the company boasts a robust portfolio of technologies, supported by three issued patents and 16 pending patents globally. Sivers Photonics has also secured development contracts with leading Silicon Photonics (SiPh) providers like Ayar Labs and is in discussions with major AI companies, including hyperscalers.
Following the spin-off, Sivers Semiconductors will continue to focus on its wireless business, which has seen impressive growth, particularly in the mmWave RF sector. The wireless division’s net revenue grew by 155% in 2023, driven by strong demand for its mmWave beamformer front-end integrated circuits, RF transceivers, and other products. The company anticipates continued growth in this area, capitalizing on its established contracts and design wins over the next few years.
Sivers Semiconductors to merge Sivers Photonics with byNordic Acquisition Corp, creating a standalone photonics company. Sivers Photonics specializes in semiconductor photonic devices, with a focus on InP laser sources for AI, healthcare, and automotive LIDAR. Sivers’ wireless business will continue independently, with strong growth in mmWave RF products, particularly for 5G and satellite infrastructure.
“We believe the potential for AI Photonics is immense yet overshadowed by the equally exciting Sivers’ Wireless business unit. With the attractive opportunity for silicon photonics in AI infrastructure and the emerging demand for photonic biometric sensors, we feel now is the right time to shine a light on this business unit as a standalone entity to gain access to the U.S. capital markets and create an opportunity for our shareholders to participate in its potential future success,” said Bami Bastani, Sivers Semiconductor Chairman.
