Mirics secures additional $7m funding to accelerate worldwide growthMonday, January 5th, 2009
New investment enables commercial team expansion in US and Asia and new additions to product roadmap
FLEET, UK — 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 FlexiTV™ 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.”