picoChip secures second round funding of $17 million
picoChip Designs Ltd today announced that it has closed a second round of investment to further develop and commercialise the company’s range of hardware and software reference designs for wireless infrastructure. The funding package of $17m was supported by existing investors Pond Venture Partners and Atlas Venture, with further investment by another undisclosed investor. This round supplements the initial funding received in 2001, bringing the total investment in picoChip to $24 million.
Dr Rodger Sykes, President and CEO of picoChip, commented, “We are extremely pleased to have attracted such strong second round funding. Success of this round gives picoChip a solid financial foundation that will enable us to continue to strengthen our position, further support our customers and drive products to profitability.”
Richard Irving, CEO of Pond Venture Partners, concluded, "The progress made by picoChip has been tremendous, and the company has secured an early market position that will help define the next generation of wireless basestation infrastructure. The level of excitement that customers and prospects have in picoChip is noteworthy, and their design-wins are testimony to that.”
At the heart of the company’s offering is a scaleable, multi-processor baseband IC that combines the computational density of a dedicated ASIC with the programmability of a traditional high end Digital Signal Processor. The picoChip technology platform includes tools, development boards and reference designs, and proven IP for seamless integration with the radio frequency elements of a base station. Equipment based on picoChip technology will enable telecom operators to remotely re-configure and upgrade their equipment without the high costs of replacing obsolete hardware.
The picoChip design platform combines high-performance processor optimised for wireless, with a rich programming environment (using standard ANSI C) and comprehensive system libraries. These allow applications to be easily and efficiently developed, simulated, compiled, verified and tested in a single environment. The picoArray processor is the fastest embedded processor on the market, delivering 300 Giga-operations per second and 30 Giga multiply-accumulates per second – approximately ten times the performance of any other device. In addition to WDCMA FDD and HSDPA, reference designs for TD-SCDMA, 802.16 and other standards are under development. The system is also very appropriate for any other advanced wireless technology, including 4G research and military software defined radio (SDR or JTRS).
About
Pond Venture Partners
Pond Venture Partners Ltd. manages venture capital funds exclusively targeting
early-stage technology companies in the UK and Europe. By working closely with
founders and management to add value to its companies, through customer introductions
at senior levels, helping establish US and Japanese operations, and managing
subsequent venture rounds, Pond is bringing Silicon Valley-style venture capital
to Europe. With offices in London, Silicon Valley and Tokyo, Pond has $90 million
under management. Pond is regulated by IMRO. For more information please see
our web site at www.pondventures.com.
About Atlas Venture
Atlas Venture is the leading international, early-stage venture capital firm
investing in communications, information technology and life sciences companies.
With offices in Amsterdam, Boston, London, Menlo Park, Munich, Paris, and Seattle,
Atlas Venture's investments are split evenly between the United States and Europe.
Founded in 1980, Atlas Venture has established six international funds, and
currently manages over $2.5 billion in committed capital. The Atlas Venture
investment team is comprised of seasoned operating executives and career venture
capitalists that have been deeply involved in the formation and development
of more than 300 companies worldwide.
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For further information:
Rupert Baines, picoChip Designs Limited, 2nd Floor Suite, Riverside Buildings,
108 Walcot Street, Bath, BA1 5BG, United Kingdom
Tel: +44 (0)1225
469 744 E-mail: rupertb@picoChip.com
Fax: +44 (0)1225 469 767 Web: www.picoChip.com
For further information:
Oliver Davies, Publitek Limited, 18 Brock Street, Bath, BA1 2LW, United Kingdom
Tel: +44 (0)1225
470 000 E-mail: oliver.davies@publitek.com
Fax: +44 (0)1225 470 047 Web: www.publitek.com
About picoChip
picoChip, located in Bath, England, is dedicated to providing innovative, flexible
wireless solutions to help equipment makers minimize time-to-market, costs,
and system power consumption.
At the heart of the company’s offering is a scaleable, multi-processor baseband IC that combines the computational density of a dedicated ASIC with the programmability of a traditional high end Digital Signal Processor. The picoChip technology platform includes tools, development boards and reference designs, and proven IP for seamless integration with the radio frequency elements of a base station. Equipment based on picoChip technology will enable telecom operators to remotely re-configure and upgrade their equipment without the high costs of replacing obsolete hardware.
picoChip currently has a development team with a balanced mix of hardware and software engineers of outstanding ability and experience; spanning such diverse fields as communications system design, software development, computer architecture, digital signal processing, RF design, and silicon design.
The company was founded in September 2000 and is backed by both Atlas Venture and Pond Venture Partners Ltd.
Winner Best Newcomer
& Runner-Up Best Design Solution Electronics Industries Design
Awards, 2003.
A TORNADO INSIDER HOT 100 Company.
A 2003 Comet award
winner.