Philips-backed mobile TV chip IP firm Silicon Hive has been spun out as an independent company following a $10m investment by TVM Capital and Philips.

The Dutch firm designs programmable system-on-chips (SoCs) for applications, such as mobile TV, mobile WiMAX, high quality imaging, and high definition video signal processing.

As an independent semiconductor IP supplier, Silicon Hive plans to license its mobile TV and WiMAX chip technology to other semiconductor companies.

“Our silicon-proven cores are now starting to penetrate tier one semiconductor companies supplying major mobile phone and consumer electronics companies,” said Atul Sinha, CEO of Silicon Hive. “By leveraging Philips technology and solid investment from New Venture Partners and TVM Capital, the company can now accelerate its growth plans and exploit this huge business opportunity.”

Silicon Hive was formed four years ago to commercialise Philips Research semiconductor technology for consumer and mobile devices. 

Silicon Hive is the second consecutive spin-out from Philips Technology Incubator group. In January, the rollable display developer Polymer Vision became an independent company with venture capital investment.