Nanotech Semiconductor announces new funding round
JUNE 5, 2007 -- Fabless IC company Nanotech Semiconductor Ltd. has completed a $2.5-million 'top-up' funding round.
JUNE 5, 2007 -- Nanotech Semiconductor Ltd (search for Nanotech Semiconductor), a fabless IC company specializing in advanced analog and mixed-signal ICs for fiber-optic communications, today announced the completion of a $2.5-million 'top-up' funding round.
Existing venture capital investors Pond Venture Partners and Atlantic Bridge, together with CEO and founder, Gary Steele, contributed pro-rata to the $6-million 'A' round completed in 2005. This brings total investor funding to more than $10 million, together with customer project funding of nearly $2 million, and product sales revenues ramping quickly towards $10 million per annum, says the company. Nanotech expects these income streams to lead to the break-even milestone later this year.
"The last 12 months have seen very significant customer funding for some very exciting consumer and telecom ICs, and it was important we matched this commitment with growth in our own resources," contends Gary Steele, CEO of Nanotech. "We believe we now have the largest--and best--development team in the world dedicated to Analog CMOS ICs for fiber-based communications, and we are very grateful for the support of customers and investors in allowing us to grow the business."
"With their blue-chip customer base, substantial design wins, and volume orders, it was not hard to justify supporting the team further," adds Richard Irving, managing partner of Pond Venture Partners, Europe's largest early-stage technology venture capital fund. "This proven team is the best in their space, and we are confident the company has a bright and successful future ahead of it."