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Additional $5m Investment |
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RedMere Technology raises US$13.5m in 6 months
Balbriggan, Ireland – 20 April, 2007: RedMere Technology Ltd. (www.redmere.com), a leading multimedia networking fabless semiconductor company, today announced the closing of an additional US$5 million top up to its first round of venture capital funding, bringing the amount invested in under 6 months, to US$13.5 million.
The top up round was led by Edgestone Capital Partners, a Canadian
private equity firm, along with additional reinvestment by the original
investors including Celtic House Venture Partners. RedMere will use the
funding to expand its portfolio of unique multimedia communications
chipsets, aligned with market expansion in Asia.
RedMere designs and markets chipsets that are used in the fast-growing
HDMI devices market, from flat screen televisions to surround sound
systems. The advanced communications microchip technology manages the
faster flow of complex video and audio data to improve performance and
reliability.
The company has produced a range of patented chipsets which were
unveiled at the Consumer Electronics Show in Las Vegas in January 2007
and will be launching its expanded portfolio of HDMI products
commencing Q2 2007.
Commenting on the investment round Peter Smyth, CEO of RedMere
Technology, said: "Following our first round of fundraising and
customer reaction to our products at CES, there has been a lot of
interest in our technology and our market success. This additional
funding demonstrates the confidence in the company by our investors and
will allow us to focus on exploiting new market and applications
opportunities. ”
Derek Smyth, partner, Edgestone Capital Partners who will be joining
the board as part of their investment said: “Edgestone is excited to be
joining the existing investment partners in financing further
growth. We believe Redmere is addressing a very large market need, both
current and future, in consumer electronics connectivity and has a
world class team of technologists and management.”
According to Instat 2006 there will be 200 million HDMI units in the
marketplace by 2008. Many of these are visible in LCD and Plasma TVs
but also include Media Centres, Media PCs, Set-top-boxes, Projection
Systems, Home Theatre Systems, DVD Recorders and Personal Video
Recorders. RedMere’s technology enhances the performance of these
devices and the subsequent user experience.
RedMere officially opened an office in Taipei, Taiwan and has recently
moved its headquarters to new offices in Balbriggan, Co Dublin. Its
design office in Cork will be expanding into new premises in Q2. All
the design and production management of its unique chipset is handled
by an R&D team of engineers in Dublin and Cork with physical
production outsourced to Taiwan.
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