LONDON Cyan Holdings, the fabless semiconductor group that develops low powered, configurable microcontrollers, has raised £5.3 million ($10.7 million) of working capital in a share placing on London's AIM market.
Cyan (Cambridge, England) was a spin out from Cambridge Consultants in 2002 with a 25 year license to use its 16-bit core, the same one that is used in CSR's first Bluetooth chips.
The extra funds will be used to build better partnerships in Europe and America.
Part of the funds are also targeted at developing an entry-level chip for the Chinese market. The company started shipping in February its latest family of low-power, feature rich microcontrollers, the eCOG1X range.
Chief executive Kenn Lamb said: "We anticipate that early shipments for China will be in the first half of next year, and that this will be followed by accelerating sales in the second half of next year, which the board anticipates will include some volume shipments."
He added the company, through a strategy review, has identified the markets most important to its development, and "the funds will enable us to fully execute this new strategy. Since April, the Cyan team has achieved several new partnerships and the placings allow us to further build on these successes and pursue a number of additional partnership opportunities."