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January 15, 2007
Mitsui And Hedgies Invest In €24M Frontier Silicon Round
On the back of steady design-in wins for its chips in the consumer electronics market, Frontier Silicon said today it raised £16M (or about €24M) in a round led by new investor Mitsui Private Equity.
Two UK hedge funds also participated in the round as new investors, namely Cheyne Capital Management and Plutus Capital Management, along with earlier investors Apax Partners, GLG Partners, ACT Venture Capital, Alta Berkeley and BlueRun Ventures.
Some of the gear that contains Frontier's silicon
Frontier Silicon which already claims a good-sized 70 percent stake in the DAB radio market says it shipped over one million ICs for mobile TV enabled cellular handsets and is in a position to support other standards including DVB-H, T-DMB and DAB-IP.
We've been hearing that European VCs are more and more open to hedge funds as a way to amass the larger rounds required for the expansion of semiconductor, software, and some types of new media companies. The alternative is to tap deep-pocketed US venture funds, as companies like Plastic Logic have done. Looks like Frontier's early investors took the UK hedge fund route on this deal, one of the first of its kind that we've seen.
Posted on January 15, 2007 08:41 AM | Posted to News And Updates | Permalink
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