London, UK — SiGe Semiconductor, the Ottowa, Canada based specialist in devices for wireless, broadband and optical communications, has raised US$42.8 million in its second round funding.
The funds will support new product developments, as well asoperations through to a cash flow positive position. The original round of financing raised $23.3m in 2000.
The investment is the third highest round of financing closed by a fabless semiconductor company during the past 12 months, according to the Fabless Semiconductor Association.
The lead investor was Boston-based TD Capital Technology Ventures, joined by new investors 3i US and Prism Venture Partners. Returning investors include VenGrowth Capital Partners Inc., CDP Capital, Business Development Bank of Canada (BDC), Capital Alliance Ventures, and Canadian Science & Technology Growth Fund.
"We are proud of our continued successes in light of current market conditions," said Jim Derbyshire, president and CEO, SiGe Semiconductor.
"We've followed the right strategy in diversifying our product lines into markets where our core technology - silicon germanium - provides significant advantages. This has both protected our company from the downturn, and fuelled our growth", said Derbyshire.
SiGe Semiconductor's integrated circuits are used in a wide range of wireless and broadband products, including Bluetooth enabled devices, WLAN access points, high-speed optical interfaces, global positioning by satellite systems, cordless telephones, and cellular handsets.
Laurence Garret of 3i Cambridge, one of the new investors, commented, "This deal is an excellent example of the benefits of utilizing the 3i global network. We have had a strong relationship with SiGe's UK operation since it opened in 2000 and this has enabled us to gain a real understanding into the company and provide SiGe with the right support in this deal."
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