Ciclad has invested in Groupe Inovelec, a French maker of chips for industrial machines.

Founded in 2000 by Jean-Philippe Guglielmi et Hervé Vanzo, Groupe Inovelec specialises in making chips for the aeronautics, oil and gas, construction and medical device industries. The company has three production sites and an R&D laborotory, 

The fresh capital will be used to fund acquisitions and the company's international expansion. Last year Groupe Inovelec generated revenues of €18m, up from €12m in 2008. 

Last April, growth capital investor Ciclad raised €150m for its fifth fund.