Mirics, the Hampshire soft-TV specialist, has raised $13m in additional funding. This takes total funding of Mirics to $32m not counting the A series funding it received from Pond Ventures in April 2005. In January last year it raised $7m.
“Securing this financing during the current global economic conditions reinforces the continued confidence and support we receive from our investors,” says Simon Atkinson, Mirics’ CEO, “this investment will enable us to further capitalize on the current industry demand for broadcast-enabled consumer devices using our FlexiTV solutions and increase our resources to support our growing customer base.”
Existing investors, Acacia Capital Partners, Intel Capital and Pond Ventures, all participated in the latest financing round.
The new money will enable Mirics to expand the market for its FlexiTV software demodulation-based platform which combines Mirics’ silicon front-end (MSi3101) with demodulator algorithms. which replicate the complete functionality of silicon demodulators (such as OFDM demodulation and error correction).
Its ability to address diverse global TV and radio broadcast standards, gives FlexiTV the opportunity to add customers worldwide.
There’s also a growing trend for integration of TV in notebooks, netbooks and desktop PCs, says Mirics, with FlexiTV delivering the lowest-cost means to integrate a multi-standard broadcast receiver into consumer products.
“Mirics’ investment team have all been very impressed at its recent multiple successes in securing new business across a diverse customer base”, says Marcos Battisti, managing director, Intel Capital, “this new funding will enable Mirics to continue building its commercial growth and maintain its leadership position in software-based global broadcast receivers.”