LONDON -- Silicon Strategies' Venture Capital counter broke above one billion dollars for 2004 on Thursday (May 27) with the announcement that Cradle Technologies Inc., a six-year old fabless semiconductor company developing multiprocessors for networking, audio and video applications, had closed a $12 million round of funding.
The billion dollars was raised by 79 start-up companies from more than 100 venture capital firms and other investors.
The largest single round of funding raised in 2004 so far was secured by a Cornice Inc., start-up from Longmont, Colorado, which raised $51 million in a second round of venture financing to help it develop miniature disk drives for portable consumer electronics. The announcement came through in February and took the total raised by that company to more than $81 million.
The company that kicked off the
VCC for 2004, Alereon Inc., raised the second largest sum with a round of $31.5 million announced at the beginning of January. It was a first round of funding intended to help Alereon compete in the nascent ultrawideband wireless market.