Fresco Microchip Secures US$14 Million in Series B FundingThursday, January 24th, 2008
TORONTO, Canada — Fresco Microchip Inc., a developer of leading edge RF, mixed-signal, and digital signal processing integrated circuits (ICs), today announced that its has secured US$14.3 million in Series B funding led by Celtic House and Ventures West.
Fresco Microchip is bridging the global analog-digital television divide with its innovative semiconductor solutions that consumer electronics and PC manufacturers are designing into their next-generation platforms such as DTVs, set-top boxes, DVD-Rs, DVRs, and notebooks to offer true broadcast TV quality.
“By bringing together decades of industry experience in three technology disciplines: next-generation RF, mixed-signal, and digital signal processing, Fresco Microchip is redefining traditional analog-digital engineering boundaries,” said Ted Anderson, Managing General Partner of Ventures West. “Fresco’s distinctive combination of technical and market expertise has enabled the company to create a highly compelling system solution for the world’s leading consumer electronics manufacturers in an established market that is experiencing tremendous growth.”
“The demand for ubiquitous TV content anyplace, anytime, anywhere continues to accelerate around the world,” said Brian Antonen, Partner of Celtic House. “Fresco’s breakthrough technology bridges the gaps of cost, power, and performance by establishing a new benchmark for high quality TV performance and significant system cost reduction across a broad spectrum of television platforms. The team’s proven track record make Fresco well-suited to our investment philosophy in early-stage companies with a defensible technology for broad customer traction in large, rapidly growing markets.”
Since securing a Series A round of funding in 2005, the company has achieved several major technical and market milestones including the announcement of its latest chip, the FM2050, multiple design wins with a leading CE manufacturer and PC ODM, and was recently recognized as one of Canada’s Top 10 Technology companies.
“We will accelerate traction of our latest chip with top tier CE manufacturers and PC customers as well as kick start our next-generation of product development in the broad television market,” said Lance Greggain, CEO, President, and co-founder of Fresco Microchip. “This latest investment from two of Canada’s premier venture capital firms demonstrates strong investor confidence as the company is well-positioned to continue to execute to our operational plan and long-term growth trajectory.”