GEO Semiconductor closes over $1 million in equity and convertible debt financing

SANTA CLARA, USA: GEO Semiconductor Inc., a leader in high performance, programmable 2/3D video and geometric pixel processor IC solutions that enable large new markets in LED-backlit LCD displays and smartphone cameras (optics through sensor), announced more than $1 million in funding comprised of convertible debt and equity. GEO is pleased that the former lead investor in Genesis Microchip has now become a major investor in the company.

GEO plans to utilize the proceeds from this funding to support multiple new design wins for applications in LED backlighting for LCD flat panel displays, smartphone cameras, video conferencing, surveillance, laser 3D TV, digital cinema, medical displays, broadcast and 2D/3D projection. With a clear strategy in place, large emerging markets for its products, and many new design wins with industry leaders, GEO is now well positioned to initiate series B financing efforts to fund the next generation of products.

GEO Semiconductor’s chairman and CEO, Paul Russo, said: "I am very pleased to have raised this capital and welcomed a major new investor to GEO. This financing will enable us to further capitalize on high-volume high-growth opportunities that include correcting color & brightness uniformity issues in LED-backlit LCD displays, correcting optical anomalies and sensor pixel non-uniformity issues in smartphones as well as enabling major new features.

"Because of the nature of its origins as a technology buy-out from an established business, GEO is essentially the equivalent of a typical series C or D stage fabless semiconductor company. As a result, many early stage development risks associated with technology and IC development, customer acceptance and IP protection have already been overcome, which gives me confidence that our series B will be well received by investors. I want to extend my appreciation to our existing stakeholders and all of our committed employees for their continued support, and I look forward to sharing with them our future growth and success."