picoChip, the Wimax and femtocell IC specialist, has raised another $15m from its existing investors in February, taking its venture capital funding to $79m.
“It was coincidental with my joining the company," Nigel Toon picoChip’s CEO told EW, “we now have all the backing we need.”
Toon joined Bath-based picoChip last month.
Asked about the figure in the regulatory filing which was to raise $25m, Toon said: “It means we have the option to extend it. If there are any investors who want to come in with that, that’s OK, but we’re not pursuing it. We have a strong balance sheet and the extra $10m is not needed.”
The company's existing investors are: Highland Capital Partners, Scottish Equity Partners and Atlas Ventures.
Asked if picoChip is cash-flow positive, Toon replied: “Not quite, but we’re not far off.”