Product category:
Communications ICs (Wireless)
News Release from: SiGe Semiconductor
Edited by the Electronicstalk Editorial
Team on 16 January 2003
SiGe completes second round
SiGe Semiconductor has raised GBP 26.7 million (US $42.8 million) in second round funding.
SiGe Semiconductor has raised GBP 26.7 million (US $42.8 million) in second round funding The investment is the third highest round of financing closed by a fabless semiconductor company during the last year, according to the Fabless Semiconductor Association
This article was originally published on Electronicstalk on 24 Jun 2008 at 8.00am (UK)
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The funds will support new product developments, as well as operations through to a cash flow positive position.
The lead investor was Boston-based TD Capital Technology Ventures, joined by new investors 3i US and Prism Venture Partners, along with returning investors VenGrowth Capital Partners, CDP Capital, Business Development Bank of Canada (BDC), Capital Alliance Ventures, and Canadian Science and Technology Growth Fund.
"We are proud of our continued successes in light of current market conditions", said Jim Derbyshire, President and CEO, SiGe Semiconductor.
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"We've followed the right strategy in diversifying our product lines into markets where our core technology - silicon germanium - provides significant advantages.
This has both protected our company from the downturn, and fuelled our growth, giving investors an overwhelming confidence in our ability to achieve our vision.
The combination of our skills across the UK, Canadian and US facilities has secured our world-class position by allowing close access to our global partners".
SiGe Semiconductor's integrated circuits are designed using silicon germanium technology that improves performance, battery life and size of a wide range of wireless and broadband products, including: Bluetooth-enabled portable devices, WLAN access points, high-speed optical interfaces, global positioning by satellite systems, cordless telephones, and 2G, 2.5G and 3G cellular handsets.
Laurence Garret of 3i Cambridge who liased with 3i US to complete this deal commented, "This deal is an excellent example of the benefits of utilising the 3i global network.
We have had a strong relationship with SiGe's UK operation since it opened in 2000 and this has enabled us to gain a real understanding into the company and provide SiGe with the right support in this deal".
"SiGe Semiconductor is a very exciting company with a clear vision, and the business acumen to achieve it", said Paul Ciriello, Managing Director, TD Capital Technology Ventures.
"TD Capital made this investment because of SiGe's valuable and sustainable technology assets, and its strong and experienced management team".
New members of SiGe's board of directors with this round of funding include Paul Ciriello, TD Capital Technology Ventures; Mikko Suonenlahti, 3i US; and Robert Fleming, Prism Venture Partners.
They will join existing members Patrick DiPietro, VenGrowth Capital Partners; Denis Colbourne, former head of Nortel Semiconductor; Doug Smeaton, Semiconductor Insights and Jim Derbyshire, SiGe Semiconductor.
John Millard, former CEO of Mitel Corporation, and Rene Seguin, BDC will retire from SiGe's board.
The funding reflects SiGe Semiconductor's success during the last two years, during which the company increased product revenues, extended support and distribution channels, brought their sixteenth product to market, and established new facilities in Hong Kong, San Diego, Boston, and London, UK.
SiGe Semiconductor has delivered over five million integrated circuits to a world-class customer base that includes Alps, Arris, Bromax, Gemtek, LG Innotek, Micro-Star, Microtune, Photon, Samsung Electro-Mechanics, and Stratos Lightwave.
"SiGe Semiconductor's impressive customer base reflects on the success of the management team in anticipating and addressing market requirements", said Robert Fleming, cofounder and General Partner, Boston-based Prism Venture Partners.
"Their track record in delivering industry-leading technology has earned SiGe credibility among the investment community, as evidenced by this substantial second round.
I look forward to working closely with the team as the company reaches its next stage of development".
"As a returning investor, we are delighted with the attention the company has drawn across the financial community", said Pat DiPietro, General Partner, of Toronto-based VenGrowth Capital Partners.
"The management team has flawlessly executed their strategy, and channelled the company's core expertise to deliver the right technologies at the right time".
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