NEPEAN, Ontario -- Philsar Semiconductor Inc. here has completed an equity investment round of $10.6 million, raised from venture capital and corporate investors in the United States, Canada and Japan.
The VenGrowth Investment Fund Inc., a Canadian venture capital and investment firm, made its first investment in Philsar. First-round investors taking part included Intel Corp., Lucent Venture Partners, Prism Venture Partners II, JAFCO America Ventures, Omron, and Working Ventures Canadian Fund Inc. Philsar raised $10.25 million in its first round of investment last April.
The investment will fund the development of Philsar's product roadmap, as well as allow the fabless semiconductor company to add position in the sales, engineering and operations departments.
Philsar has staked out the wireless communications market with a line of programmable ICs
using a radio processing architecture. It claims design wins with electronics OEMs in the United States, Japan, and Europe for mobile office and home networking applications, including those based on the Bluetooth standard.
"This financing provides us with resources to accelerate the development and deployment of our products in emerging personal wireless connectivity markets," said Antoine Paquin, president and CEO of Philsar.
"VenGrowth has demonstrated investment commitment to the communications semiconductor market," said Graham Matthews, investment manager for VenGrowth. "Philsar's strong management team and solid technology roadmap make the company an excellent addition to our portfolio."