Spectra7 Microsystems closes $11 million oversubscribed financing round
Spectra7 Microsystems has announced the securing of a first closing of $11 million in funding from premier venture capital firms Celtic House Venture Partners, Ventures West Capital and EdgeStone Capital Partners.
The funding will be used to accelerate product development and the production ramp of their new consumer electronics product line. In addition, the company will have the resources available to expedite the integration of Markham, ON-based Fresco Microchip, RedMere Technology and Chrysalis Capital VIII Corporation in accordance with the merger announced on July 17th.
Spectra7 is positioned to be a leading high performance analog semiconductor innovator. By combining the high speed signaling technology of RedMere with the small signal RF capabilities of Fresco, Spectra7 will deliver a new class of disruptive high speed analog semiconductors to the consumer and wireless infrastructure markets. As a public company, Spectra7 will have access to corporate, institutional and retail sector funds to fuel long term growth.
Tony Stelliga, CEO of RedMere and Spectra7, said, “The oversubscription of this financing round underlines that our unique strategy on delivering high bandwidth, frequency agile semiconductors for the next generation mobile internet is a winner.” He continued, “A public listing coupled with strong investor support provides us with many competitive advantages as we continue to execute on our business plan.”
Brian Antonen of Celtic House said, “Spectra7 represents the culmination of best-in-class technology from two industry leaders and a very experienced management team. We are delighted to take part in this financing round. The company plans to attack the high growth mobile internet market. In our view, high performance analog represents one of the true high growth areas in the semiconductor market.”