SAN FRANCISCO—Fresco Microchip Inc., a developer of RF, mixed-signal and digital signal processing chips for TVs, said Tuesday (June 28) it secured $9 million in series C funding from the Ontario Venture Capital Fund (OVCF) and previous Fresco investors Celtic House Venture Partners and Ventures West.
Fresco (Toronto) said the funds will be used to help commercialize its expanded product portfolio and to augment its ability to serve customer demand in emerging markets.
Fresco has grown rapidly over the past 18 months by swimming against the current, going after analog TV and hybrid [analog/digital] TV markets at a time when many suppliers are winding down production and engineering resources for analog TV. In March, Fresco launched the FM1062 analog demodulator for silicon tuners, saying the demand for analog-only television remains strong in emerging markets around the world. Fresco also recently launched a family of silicon tuner products that it says reduce design complexity and system cost.
"Fresco's success is a direct result of our ongoing commitment to deliver value through innovation," said Lance Greggain, Fresco's president, CEO, and co-founder, in a statement.
"Fresco's phenomenal growth in its first year of initial production demonstrates the distinct competitive advantage of the company's technology," said Brian Antonen, partner, Celtic House. "The addition of the OVCF to the investment syndicate will accelerate the company's growth and paves the way for continued success with the launch of Fresco's latest products."
Analog transmission has a long way to disappear from the world. Even all the latest digital TV's still employ the analog tuners because most of the transmission is done using analog in the developing nations.
Seems like a good strategy. When all the competition focused their R&D on digital tv receivers, a startup exploring possibilities in analog receivers. Still many countries solely use analog transmission and clearly there is some opportunity there. Once they capture this market, they may have to soon refocus on to something else, as this not a growth market.
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