PicoChip Scores $20.5M
Wireless processor startup PicoChip Designs Ltd. has secured a $20.5 million cash injection, taking total investment in the U.K. company to $41.5 million (see PicoChip Grabs $20.5M).
PicoChip delivered on previous promises to secure a third round of funding, following the recent appointment of CEO Guillaume d’Eyssautier (see PicoChip CEO Eyes Greenbacks).
A new investor, Scottish Equity Partners, led the round, joined by Intel Capital and Rothschild, along with previous investors Atlas Venture and Pond Venture Partners Ltd. (see PicoChip Banks $17M).
Founded in September 2000 and with a headcount of approximately 50, PicoChip has built a name for itself providing silicon to the nascent WiMax and HSDPA (High-Speed Downlink Packet Access) markets (see PicoChip Hot on WiMax and PicoChip Boosts HSDPA, WiMax). The startup claims a number of wins in the 802.16 infrastructure space, including deals at broadband wireless vendor Airspan Networks, and is also reported to be supplying softsware and silicon to Intel Corp. (Nasdaq: INTC). (See PicoChip Maxes With Airspan and PicoChip Touts 10th Licensee.)
Today’s funding makes PicoChip one of the best funded private companies operating in the WiMax space. “It is a good amount of money, a very healthy sized round that takes us to breakeven with a nice cushion,” says VP of marketing, Rupert Baines.
— Justin Springham, Senior Editor, Europe, Unstrung