SiGe Semiconductor Completes $19.5 Million Expansion Round
SiGe Semiconductor Inc. announced that it has raised US$19.5 million in an expansion round of financing. The investment will fund new product development from conception to launch, as well as the growth of operations in support of the company's expanding global customer base. TD Capital, Prism Venture Partners, VenGrowth Private Equity Partners, and 3i Technology Partners led the round, joined by previous investors including, Hunt Ventures, RWI Group, GrowthWorks, and Vista Ventures.
"We are very pleased with the continued support by our investors," said Jim Derbyshire, CEO and Chairman, SiGe Semiconductor. "This funding will be instrumental in bringing new products to market, and expanding our portfolio to address high-growth opportunities in the cellular, GPS and WiMAX™ markets. We also plan to scale operations accordingly to support the growing demand for our products worldwide."
SiGe Semiconductor's integrated circuits and RF front-end modules allow manufacturers of consumer electronic devices to achieve high performance, optimal battery life and small form factors. The products are currently integrated into Bluetooth®-enabled portable devices, GPS and telematics systems, IEEE 802.11a/b/g/n Wi-Fi® devices, and WiMAX broadband access equipment.
The company claims that investors are attracted by SiGe Semiconductor's revenue growth, from $3.6 million in 2003 to $31.8 million in 2005. The company continues to grow in 2006, as revenues for the six months ended June 30, 2006 were $23.0 million, as compared to $11.9 million for the same period in 2005. The company's industry-leading products are driving its success, as SiGe currently holds a major share of the market for WLAN power amplifiers, and is quickly gaining traction in the GPS, Bluetooth, and WiMAX segments. The company has shipped more than 100 million integrated circuits to customers and partners including Arris Interactive, Askey, Broadcom, Cybertan, Foxconn, Furuno, Garmin, Gemtek, Mitsumi, Samsung, Tecom, Tyco, and USI.
"SiGe Semiconductor has performed extraordinarily, demonstrating the vision of its management team, as well as its ability to identify and address high-growth market opportunities," said Pat DiPietro, Managing General Partner, VenGrowth Private Equity Partners Inc. "They have established a track record of delivering leading-edge products, which are designed into a diverse mix of the leading edge consumer electronics products available today. VenGrowth is happy to show our continued support through this latest investment."