RedMere Technology Ltd. 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.
About RedMere Technology
RedMere Technology was founded in October 2004 by Peter Smyth (CEO), with Dr John Horan (CTO) and Declan Farrelly (VP Engineering) coming on board in 2005. As a fabless semiconductor company they specialise in the high end design and development of advanced chipsets, with production being outsourced to manufacturers in Taiwan. The chips will be sold to customers including the major electronic equipment makers in Consumer Electronics, Storage and Networking.
About EdgeStone Capital Partners
EdgeStone Capital Partners is one of Canada's leading private equity firms and has managed in excess of $2.5 billion of private capital on behalf of institutional and high-net-worth clients. EdgeStone provides capital, strategic direction and business and financial advice to help promising mid-market and early-stage companies achieve their full potential. EdgeStone leverages the resources of its broad business network and ensures an alignment of interests to achieve superior returns for all stakeholders.
EdgeStone manages three types of private capital funds – Later Stage Equity, Venture Capital and growth equity targeted towards the energy industry. EdgeStone invests in a variety of carefully selected companies in the middle-market and early stage sectors, offering above average long-term potential.
EdgeStone is one of the principal entities of the GMP Capital Trust group (TSX:GMP.UN).