PicoChip CEO Eyes Greenbacks
The U.K. company today announced the appointment of 54-year-old Frenchman Guillaume d’Eyssautier as its new head man (see PicoChip Names CEO). D’Eyssautier was previously senior VP and general manager for Europe at chip design software company Cadence Design Systems Inc., and was responsible for a regional turnover of “around $300 to $400 million.” D’Eyssautier takes over the CEO reigns from PicoChip’s co-founder, Peter Claydon.
Founded in September 2000 and with a headcount of 47, PicoChip has built a name for itself providing silicon to the nascent WiMax and HSDPA (High-Speed Downlink Packet Access) markets (see PicoChip Powers Airspan, PicoChip Touts 10th Licensee, and PicoChip Boosts HSDPA, WiMax).
To date, the company has raised $24 million in VC funding and expects to add to this total by the end of 2005 (see PicoChip Banks $17M). “If you look at the established startup industry, to grow to profitability the average raised is about $40 million or so,” says d’Eyssautier. “So, yes, we will go to a third round sometime this year to take us to profitability.”
“My short-term goal is to generate business and top up the bookings and revenues. That’s on the business side. On the products side we have a few new products coming along so we need to ensure we deliver on time to our customers... Our specific intention at the moment is to service the WiMax and 3G data markets.”
Today’s high-profile addition follows the appointment of a CFO, announced last week (see PicoChip Appoints CFO).
— Justin Springham, Senior Editor, Europe, Unstrung