Anadigm, the field-programmable analogue array (FPAA) designer, has secured £10m in second round funding. The company says the round will sustain it for the next couple of years, at which point it expects to be profitable.
The bulk of the capital will be used to double the company's head-count.
Mike Kay, CEO, told Electronics Times: "We are in a pretty heavy growth period. We are at 23 people going up to 47 this year. Almost all the funding is into manpower — it always is in companies this size. But there's a large element in the marketing and selling side."
The jobs will be split down the middle between the firm's R&D centre in Cheshire and its software development centre in Phoenix, Arizona. Kay says the capital will sustain Anadigm for two to three years.
"We've got a good 24 months — nearer to 36 months. We've got a good opportunity of showing profit in 2003," he said.
Revenues, expected to be in the "low millions" this year, are broadly expected to be 50% US-based. But Kay says that early adopters had proved to be particularly strong in Japan and Europe.
Capital will also be available for development of the company's second generation FPAA, which will be put out "early to mid next year", according to Kay.
The round was led by 3i and Quester — which also led the first £3.2m start-up round this time last year — as well as Japanese group NIF Ventures.