January 5, 2009
Mirics Acquires $7 Million in Venture Capital
Based out of Hampshire, England, Mirics Semiconductor announces another $7 million to accelerate worldwide growth. Mirics secured the additional funding from both Acacia Capital Partners, Intel Capital, and Pond Venture Partners. This funding is an addition to the $12 million Series B funding that was announced in 2007.
Mirics Semiconductor, Inc. is a fabless semiconductor company that develops RF silicon and software solutions to bring global broadcasting to portable and PC platforms. Founded in 2004, Mirics brought together an effective development and operations team that has great experience in the high-performance circuit and algorithmic IP into a high volume wireless, broadcast and cellular applications.
The company was originally funded with a Series A funding from Pond Venture Partners, which is Europe�s largest vc firm for early staged start up companies in the tech industry. The latest $12 million in Series B funding along with this additional $7 million from the above mention vc firms will help the new company to accelerate tis global growth. With this new venture capital, Mirics is able to expand its commercial activities and accelerate further additions to the company�s FlexiTV product line. This product line was first announced in 2008 and is the worlds first software based solution for radio and TV broadcasts onto any desktop or laptop computer from all over the globe. When the company announced its FlexiTV line, the venture capitalists funding Mirics knew that this new disruptive technology would have great promise in the tech industry. Further more, Mirics progress in this field since the launch of FlexiTV to the market has promoted significant expansion for the company in both the United States and Asia. Mirics� CEO, Simon Atkins states that the additional funding is a confirmation from the company�s existing investors� belief in the commercial success of the company. This additional funding will help Mirics meet the demand of its FlexiTV, which is rapidly growing in popularity. Such a large funding in these unstable financial times is even more confirmation that the confidence of the investors in the company and the potential of Mirics to continue to grow with its innovative technology.
According to Marcos Battisti, Mobility Director at Intel Capital, Mirics� FlexTV product line has demonstrated the commercial viability of the company to deliver a universal broadcast receiving platform for portable processors or laptop computers. The reception to FlexiTV has been positive and the team of investors are keen to insure that Mirics financial security in the future. Considering the IDC and Gartner analyses, Mirics expacts the PC TV market to grow over 32 million shipments by 2010.