Newport Media Closes $15 Million Series D FinancingWednesday, February 24th, 2010
Investment Proceeds to Finance Working Capital as Company Ramps 65 Nanometer ICs into High-Volume, Mass Production
LAKE FOREST, Calif. — Newport Media, an innovative fabless semiconductor company supplying products to the mobile broadcast media industry, today announced the successful completion of its Series D financing, having raised $15 million. The round was led by Pinnacle Ventures with participation from previous investors Benchmark Capital, Venrock, Global Catalyst Partners, Oak Investment Partners and DAG.
“Completion of Series D financing signifies Newport Media’s evolution into a very high-volume system semiconductor company,” said Mohy Abdelgany, president and chief executive officer for Newport Media. “Multiple top-tier customers and a host of emerging handset manufacturers in China are producing terminals using the full array of Newport’s diversified product line. Securing the necessary working capital is the last step needed to ensure our ability to capitalize on our significant design wins over the last several years.”
Founded in 2005, Newport Media specializes in developing and selling system semiconductor solutions for all major mobile TV standards, including DVB-T/H, ISDB-T, FLO and CMMB. The company’s diversified product portfolio is comprised of highly-integrated mobile TV system-on-chips (SOCs), which integrate an RF Tuner, Demodulator and Memory on a single, cost-effective monolithic complementary metal oxide semiconductor (CMOS) IC, along with the necessary protocol stack and middleware software needed to design and produce TV-enabled cellular handsets.