Press Release |
Mirics Secures Additional $7m Funding to Accelerate Worldwide Growth
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New investment enables commercial team expansion in US and Asia and new additions to product roadmap FLEET, England--(Business Wire)-- Mirics Semiconductor today announced that it has secured $7m of financing from its existing investor team of Acacia Capital Partners, Intel Capital and Pond Venture Partners. The funding is in addition to the $12m B-round announced in August 2007 and will enable Mirics to expand its commercial activities, and also accelerate further additions to its Mirics FlexiTVTM product line. Mirics FlexiTV, first announced in 2008, is the world`s first commercially available software based solution for receiving global broadcast TV and radio on processor-based platforms such as notebook computers and portable media players (PMPs). "When Mirics first announced FlexiTV in the summer of 2008, we knew the industry reaction to this disruptive technology would be very positive. In fact, the commercial progress that Mirics has made since the product launch has prompted significant expansion of our commercial team in the US and Asia, to support our rapidly growing customer base," explains Mirics CEO, Simon Atkinson. "This additional funding from our existing investors confirms their commitment and belief in the commercial prospects for Mirics` technology. It will enable Mirics to meet the customer demand for FlexiTV and also support product portfolio expansion to address newly identified market segments." Commenting on behalf of the investor team, Marcos Battisti, Mobility Sector Director at Intel Capital, said: "With FlexiTV, Mirics has demonstrated the commercial viability of a true universal broadcast receiver for portable processor-based platforms. The industry response to FlexiTV has been extremely positive, and the investors were keen to ensure Mirics had the long-term financial security to aggressively grow the commercial team and product portfolio to support customer demand. The fact that Mirics has secured this funding in such an uncertain global economic climate is testament to the strength of its technology and world-class team." About Mirics Mirics Semiconductor Inc. is a venture-backed fabless semiconductor company developing innovative RF silicon and software solutions to bring nomadic global broadcast reception to portable and PC platforms. Founded in April 2004 and based in Hampshire, UK, Mirics has brought together a strong development and operations team with extensive experience in delivering high performance integrated circuits and algorithmic IP into high volume wireless, broadcast and cellular applications. Mirics was originally backed with Series A funding from Pond Venture Partners, Europe's largest early-stage technology fund. In August 2007 the company closed a $12m Series B round securing backing from Intel Capital, the global investment arm of Intel Corporation, Acacia Capital Partners, and further investment from Pond Venture Partners. Based upon projections from analysts such as IDC and Gartner, Mirics expects the PC TV market to exceed 32 million shipments (OEM + retail) by 2010. www.mirics.com Mirics Semiconductor Chet Babla, +44 7739 108 648 firstname.lastname@example.org or EML Chris King, +44 20 8408 8000 email@example.com Copyright Business Wire 2009