Cyan secures funding for MCU development

A Cambridge-based developer of low-power Flash microcontrollers based on technology from Cambridge Consultants, has secured $2.8 million in second-round funding.

A Cambridge-based developer of low-power Flash microcontrollers based on technology from Cambridge Consultants, has secured $2.8 million in second-round funding.

Cyan Technology will use the investment to further develop the eCOG product family, a series of 16bit microcontrollers dedicated to high-performance, low-power and cost-effective networked consumer applications, and to grow Cyan's sales, marketing, and customer support.

The investment comes from NIF Ventures Co.

Ltd (NIF Ventures), Japan's second largest independent VC firm, and The Cambridge Gateway Fund.

David Griffiths, CEO of Cyan Technology, commented on the investment: "Cyan has identified a significant need for device connectivity in the consumer application market, and, with prudent financial management, the company has developed in less than two years a connectivity solution that fills that gap.

Obtaining funding in today's investment environment is no mean feat.

Our ability to do so demonstrates that the investment community concurs that our solution is viable, matching global market needs.

We are excited that these additional funds and our relationship with NIF Ventures as an investor will enable us to take the company forward to its next stage in development".

Cyan Technology addresses a wide range of new end markets that require Internet, wireless, and high-speed connectivity with a high-performance, low-power, cost-effective solution.

Working in partnership with its customers, Cyan has tailored connectivity solutions by significantly enhancing a range of microcontrollers using 16bit Harvard architecture originally developed by Cambridge Consultants.

NIF Ventures' investment coincides with Cyan Technology's launch of eCOG1-a peripheral-rich, low-power, 16bit Flash microcontroller designed specifically to target the high-growth markets of embedded communications and embedded Internet.

From a worldwide market of $7.2 billion in 2001 (source: Semico Research), the 16bit microcontroller market has continued to show significant growth, despite an overall downturn in the technology sector over the past year.

As Mitzuhiko Hashimoto, General Manager of NIF Ventures' International Investment Department, said: "With the rapid growth of communications applications such as line-powered modems and VoIP, we anticipate that Cyan Technology's solution will be adopted rapidly by the marketplace.

Certainly, Cambridge Consultants has an international reputation for establishing strong spin-off companies.

Cyan is no exception.

With its current product offering and its excellent business partners, it's no surprise that customers are already in the process of implementing this microcontroller into next-generation embedded communications devices".

Alan Barrell, who spearheads The Cambridge Gateway Fund, commented: "Since 2000, when we made our first investment, Cambridge Gateway has held a keen interest in both the development of Cyan Technology and its highly sophisticated microcontroller solution.

eCOG1-now a developed product-is a very powerful communications engine, and Cyan has identified a large gap in the microcontroller market, making its product offering an extremely exciting opportunity for volume growth.

We are delighted to be increasing our stake with new funding in Cyan Technology and look forward to working alongside the team to help deliver the next stage of growth", concluded Barrell.

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