GEO Semiconductor Inc., a Santa Clara, CA-based provider of high performance, programmable video and geometry pixel processor IC solutions for multiple markets and types of sub-pixel streams, raised $2m in additional venture debt and equity financing. The venture debt portion of the funding was led by Montage Capital, with participation from Harris & Harris Group. The equity portion of the funding was secured from existing shareholders and management.
The company plans to use the capital to support its multiple new design wins for applications in LED backlighting for LCD flat panel displays, smartphone cameras, video conferencing, surveillance, laser 3D TV, digital cinemas and 2D/3D projection.
In addition, this financing will be used for business development activities, while also providing additional working capital as IC shipments begin to ramp.
Commenting on the financing, GEO Semiconductor’s Chairman and CEO Paul Russo said: “This financing will enable us to further penetrate key high volume growth opportunities that include correcting color & brightness uniformity issues in LED-backlit LCD displays as well as correcting optical anomalies and sensor pixel non-uniformity issues in smartphones.
“I believe this additional funding will further drive our business forward, while we begin our Series B funding for development of our next-generation of eWarp geometry processing silicon in the fourth quarter of this year”, he added.
The company operates offices in Toronto and Orlando, and sales channels around the world.
FinSMEs
28/09/2010