Elonics has secured £6.1m ($9.5m) of venture capital investment.
The Livingston-based company is developing CMOS-based radio tuner chips for use in set-top box receivers and PCs.
The Scottish company will now start a recruitment drive aimed at bolstering its engineering team at its main UK base in Livingston.
“This investment allows us to pursue our growth strategy, targeting the global television and radio market with our world-leading CMOS RF tuner technology,” said
David Srodzinski, Elonics’ CEO.
Elonics is also looking to expand its overseas sales team with the opening of regional offices in Taiwan and China.
The series B funding round was round led by Scottish Equity Partners and supported by Octopus Ventures, a division of Octopus Investments, along with existing investors.
“Elonics has created a world class product which twins high performance and low cost and it is also the greenest tuner on the market, consuming 1/50th of the power of traditional solutions,” said SEP Partner Stuart Paterson who led the deal, said:
“We expect the global tuner market to be worth in excess of $700 million per annum as the market transitions from 50 year old metal can technology to silicon chips,” said Paterson.
Elonics is run by a Scottish team including successful entrepreneurs who previously founded Wolfson Microelectronics.
See: Elonics wins IPTV set-top box design in Taiwan