SiGe Semiconductor Announces Expansion Round of Financing
SiGe Semiconductor, a leading supplier of RF front-end solutions for wireless systems, announced it has raised US $20 M in an expansion round of financing. Samsung Ventures, the US-based venture capital investment arm for Samsung Venture Investment Corp.
(SVIC), joins as a strategic investor participating in this round. The capital will fund expansion of SiGe Semiconductor's product lines supporting the Wi-Fi, WiMAX and GPS markets.
Samsung Ventures joins returning investors 3i Venture Capital, Prism VentureWorks, TD Capital Ventures, VenGrowth Private Equity Partners, RWI Ventures and GrowthWorks. With the completion of the expansion round, SiGe Semiconductor also welcomes two new board members: Bill Byun, managing director, Samsung Ventures, and Jim McLean, partner, 3i Venture Capital. Jim McLean replaces Sean Brownlee who previously served as 3i's representative on the board.
"We are very pleased with the strategic investment by Samsung Ventures, and want to thank our returning investors for their continued support," said Sohail Khan, president and CEO, SiGe Semiconductor. "Our objective with this funding is to expand our customer base to drive an increase in our market share across key segments. Expanding our footprint in the market will drive profitable growth, and will fuel the development of industry-leading products for emerging wireless applications."
SiGe Semiconductor provides the industry's most comprehensive portfolio of RF front-end solutions to manufacturers of wireless consumer electronics including laptop computers, access points, personal navigation devices, personal entertainment devices, and cellular phones. SiGe's portfolio includes Wi-Fi power amplifiers and front-end modules, GPS receivers and WiMAX transceivers, which make it possible for consumers to take full advantage of wireless technology to work seamlessly between the office, home, and on the road; navigate streets using cellular phones or handheld location devices; and distribute media throughout the home.
SiGe's industry-leading products are driving impressive revenue growth. Revenues increased more than 50 percent in 2006 to $49.4 M from $31.8 M in 2005. The company has shipped more than 160 million integrated circuits to customers and partners including Arris Interactive, Askey, Broadcom, Centrality, CSR, DeLorme, Furuno, Garmin, Gemtek, Mitsumi, Nintendo, Samsung, Tecom, Tyco and USI.
"We evaluated several semiconductor companies serving the wireless consumer markets and were impressed with SiGe's outstanding revenue growth and proven track record in delivering technically innovative products," said Bill Byun, managing director of Samsung Ventures. "Samsung Ventures also recognizes the synergies across our target markets and we feel this will be a mutually beneficial investment. We look forward to working closely with SiGe's management team as the company continues its push to support mobile wireless services."