Analog IC firm snags $11 million in funding
8/16/2012 1:30 PM EDT
SAN FRANCISCO—Spectra7 Microsystems, formed last month from the combination of Fresco Microchip and RedMere Technologies, said it closed more than $11 million in funding from venture capital firms Celtic House Venture Partners, Ventures West Capital and EdgeStone Capital Partners.
Spectra7 (Toronto) said last month is expected to close more than $10 million in funding after forming from the merger of Fresco and Redmere. The two companies had taken more than $80 million in funding prior to the merger.
Spectra7 said it would use the funding to accelerate product development and the production ramp of its new consumer electronics product line, as well as expediting the integration of the firms involved in the merger. Spectra7 also reiterated that it plans to go public.
"The oversubscription of this financing round underlines that our unique strategy on delivering high bandwidth, frequency agile semiconductors for the next generation mobile internet is a winner," said Tony Stelliga, CEO of Spectra7, in a statement.