LONDON Ė Elonics Ltd., the CMOS RF tuner company, has announced it has raised £6.1 million (about $9.4 million) in a Series B investment round led by Scottish Equity Partners and supported by Octopus Ventures alongside a number of existing investors.
Elonics (Livingston, Scotland), founded in 2003, has developed digitally controlled tuner ICs in CMOS that it claims improves signal path management and can be easily configured to support television and radio standards across the globe.
The money will be used to speed up the expansion of the overseas sales team with the opening of regional offices in Taiwan and China, the company said. In addition, the company will be recruiting for its engineering team in Scotland.
"We have built up an excellent position in the silicon tuner market and this additional funding allows us to accelerate our sales momentum and grow the product portfolio," said David Srodzinski, Elonic's CEO, in a statement.
SEP partner Stuart Paterson, who led the deal, said: "We expect the global tuner market to be worth in excess of $700 million per annum as the market transitions from 50-year-old metal can technology to silicon chips. Silicon tuner sales are growing rapidly thanks to rising demand not just for set-top boxes but for more tuners per box to cope with added features. Elonics is led by a strong team including successful entrepreneurs who previously founded Wolfson Microelectronics, and who took it to become a highly successful international public company."
David Milne, chairman of Elonics and former CEO of Wolfson Microelectronics plc, said: "I am pleased to have the involvement of SEP, a leading technology venture capital company in the U.K., and an early investor in Wolfson and to have the participation of Octopus, a leading investment group and one of the most active private investors this year in small and growing businesses."
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