Mirics closes $12M B round funding with investment from Acacia Capital Partners
UK start-up takes new investment to exploit expanding market opportunities for its innovative mobile broadcast receiver technology
Fleet, UK,August 2007: Mirics Semiconductor, a UK-based provider of innovative solutions for the mobile broadcast receiver market, today announced the addition of Acacia Capital Partners to its $12m second round of funding. Mirics closes the round with Acacia Capital Partners joining fellow investors Intel Capital and Pond Venture Partners. The funding will enable Mirics to build on its success over the last 12-months, accelerating product roll-out plans and strengthening its world class engineering team.
“Thanks to the additional investment from Acacia Capital Partners and the support of our existing investors, we now have the financial support and global commercial connections to drive the company forward and capitalize on our strong technology,” explains Simon Atkinson, CEO, Mirics Semiconductor. “As well as helping us to accelerate the roll-out of our product roadmap and expand our talented engineering team, the additional investment will enable us to extend the reach of our commercial and customer support organizations. This will ensure that Mirics can provide the best possible support to the many leading technology companies we’re already connecting with across Europe, the U.S. and Asia.”
“Addressing the technological challenges involved in the implementation of mobile audio and video is a key industry focus,” comments Chris Smart, General Partner, Acacia Capital Partners. “Mirics has technological innovations which we believe can help the global market segment for broadcast-enabled mobile handsets and portable devices to evolve and reach its full potential over the next few years.”
Mirics’ FlexiMode technology enables reconfigurable RF devices with little or no penalty compared to the inflexible, single-standard products they replace. This enables consumer products to be created for the world market, and can greatly reduce the cost and size of multi-functional devices. Mirics’ first product, the MSI001, is the world’s most advanced “Universal Broadcast Tuner”, enabling designers of mobile phones, PMPs, PNDs and other portable devices to easily add a single RF solution which implements the plethora of mobile broadcast standards in use worldwide – rendering redundant all speculation of which standard will become dominant. The MSI001 achieves this without compromising the cost, power or performance of today’s advanced single-standard solutions.
During its investment round Mirics was advised by Matt Rogers from technology investment banking company GP Bullhound. ---ends---
About Mirics Semiconductor
Mirics Semiconductor Inc. is a start-up RF and mixed signal fabless semiconductor company delivering innovative solutions for the mobile broadcast receiver market segment. Founded in 2004 and based in Hampshire, UK, Mirics has brought together a strong silicon development team with extensive experience in RF technology, wireless/algorithms, IP, silicon delivery and system architecture. Mirics’ first commercial product, the MSI001, is the world’s first true poly-band tuner and represents the most technologically advanced product of its type. Mirics employs a fabless business model with Series A funding previously provided by Pond Venture Partners, Europe's largest early-stage technology fund. Operating in portable and mobile broadcast receivers, a market segment that is conservatively expected to exceed $1 billion by 2010, Mirics is well positioned to gain an important first mover advantage in this rapidly emerging market segment. www.mirics.com
About Acacia Capital Partners
Acacia Capital Partners is a London based technology venture capital company which invests in growing technology companies across Europe. It is an independent management company run by General Partners with in-depth operational experience and many years of activity in venture capital investing. It invests from its fund, Acacia I LP, with capital provided by a syndicate led by the Partners Group and Access Capital Partners. www.acaciacp.com
Ralph Weir, Mirics Semiconductor, Oakmere, Barley Way, Ancells Business Park, Fleet, Hampshire, GU51 2UT.
Tel: +44 (0) 7796 307945. Email: email@example.com
Chris King, EML, The Albany Boathouse, Lower Ham Road, Kingston, KT2 5BB.
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