LONDON Power management IC specialist Summit Microelectronics Inc. has raised a further $10 million with the growth financing round led by Nokia Growth Partners, the later-stage focused investment arm of the Finnish mobile handsets market leader, which invested $4 million.
Existing investors Norwest Venture Partners, August Capital, Pequot Ventures, Bessemer Venture Partners, Hotung Capital Management and others contributed the remaining $6 million.
"Having the world's largest user of power management ICs help fund our growth is very exciting," commented Pat Brockett, Summit's President and CEO. "It reinforces our belief that Summit's technology will become pervasive in consumer and battery powered applications."
Brockett an industry veteran who previously served as president and CEO of Zarlink Semiconductor Inc., and had a 20-year career at National Semiconductor Corp., where he held several executive positions was named head of the San Jose, California based analog chip maker in May 2005.
He said Summit's programmable power management technology is "ideal for portable and handheld systems with applications ranging from intelligent battery
management to powering next generation organic LED (OLED) displays."