Icera Inc., a Bristol, UK-based fabless semiconductor company, has completed a $12.0m debt facility with Silicon Valley Bank.
The combined facility consists of a $4.0m three-year term loan and an $8.0m two-year working capital line of credit.
The proceeds from the financings will be used to accelerate growth in the smartphone market and extend the company’s global capabilities.
Founded in 2002 and backed by venture capital firms Accel Partners, Amadeus Capital Partners, Atlas Venture, Balderton Capital and DFJ Esprit, Icera designs, produces and provides soft modem chipsets that deliver high performance communication engines for mobile broadband products, including smartphones, tablets and USB sticks.
The company is led by President and CEO Stan Boland. Commenting on the financing, he said: “This facility is a solid foundation for our growth, enabling us to maintain our technological and performance lead with the roll out of our multimode 4G LTE and smartphone platforms in 2011”.
Icera technology supports 4G (LTE), 3G (HSPA) and 2G standards.
The company has design locations in the UK, France, USA and China, with customer engineering and sales offices in Europe, Asia and the USA.
Silicon Valley Bank is the commercial banking division of SVB Financial Group (Nasdaq: SIVB).