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October 17, 2006
Ireland's RedMere Taps Canuck VC For SCART Replacement Play
Drogheda, Ireland-based RedMere has raised $8.2M in a round led by Canada's Celtic House Venture Partners after about a year of fundraising, according to Electric News.
It looks like it is not just US VCs making moves when they see a good bet in Europe, Canadian VCs are at it too. The deal was apparently closed in the summer but we are just learning of it now. Co-investers on this round are Enterprise Ireland, 4th Level Ventures, Enterprise Equity, and smaller seed-round investors also contributed.
Founded in 2004, RedMere is a fabless play developing components that will eventually replace old Scart-standard, which will be driven by the emergence of a mass market for high definition TV.
The Scart cable market is a pretty huge one, covering the TVs themselves, media centres, media PCs, set-top-boxes, projection systems, home theatre systems, DVD recorders and personal video recorders.
The new capital will be invested in people. Some 15 new R&D hires are planned for US and Asia. RedMere currently employs 20 people in Cork and Drogheda.
Read - ElectricNews.net:News:Irish chip firm secures USD8.2m outlay (electric news)
Posted on October 17, 2006 07:48 AM | Posted to News And Updates | Semiconductors | Permalink
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