SANTA CLARA, USA: GEO Semiconductor Inc., a leader in high performance, programmable video and geometry pixel processor IC solutions that enable large new markets in LED-backlit LCD displays and smartphone cameras (optics through sensor), announced $2 million in additional funding comprised of venture debt and equity.
Montage Capital led the venture debt portion of the funding with participation from Harris & Harris Group. The equity portion of the funding was secured from existing shareholders and management.
GEO plans to utilize the proceeds from this funding to support its multiple new design wins for applications in LED backlighting for LCD flat panel displays, smartphone cameras, video conferencing, surveillance, laser 3D TV, digital cinemas and 2D/3D projection. In addition, this financing will be used for business development activities, while also providing additional working capital as IC shipments begin to ramp.
GEO Semiconductor’s chairman and CEO Paul Russo commented: "I am very pleased to have raised this expansion capital and to welcome Montage Capital and Harris & Harris Group as our newest investors in the Company. This financing will enable us to further penetrate key high volume growth opportunities that include correcting color & brightness uniformity issues in LED-backlit LCD displays as well as correcting optical anomalies and sensor pixel non-uniformity issues in smartphones.
"I also want to extend my appreciation to our existing equity investors for their continued support. I believe this additional funding will further drive our business forward, while we begin our Series B funding for development of our next-generation of eWarp geometry processing silicon in the fourth quarter of this year.”
Wednesday, September 29, 2010
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