picoChip
has raised $20m in venture capital taking its total VC funding
since it was founded to $90m.
"This investment comes as the market is taking off for picoChip:
it is testament to what we have already achieved, and to our
investors' belief in our future," says picoChip CEO Nigel Toon,
"picoChip was the pioneer in femtocell technology and we are
delighted to see our customers and partners deploying in volume in
the rapidly developing global femtocell market. This investment
strengthens our balance sheet and fully funds us through to
IPO."
That suggests Toon and picoChip's VCs have pencilled in 2010 as
the year for the company's IPO.
picoChip's investors include, Atlas Venture, Highland Capital
Partners, Pond Venture Partners, Scottish Equity Partners, and
Rothschild plus strategic investors AT&T, Intel and
Samsung.
"At Highland, we invest in companies that can establish
leadership in explosive, high-growth markets," said Dan Rosen,
Principal at Highland Capital Partners, "we are very excited about
picoChip's prospects in the femtocell market. The company continues
to win market share with proven best-in-class technology."
ABI Research forecasts the total available femtocell market in
2010 will reach 2.3m units, rising to 40m units in 2014. In 2009
six major network operators have launched femtocell services that
cover the USA, Europe and Asia.
Having been the first to market with a femtocell solution in
2005, picoChip reckons it is the leading technology supplier for
carriers' HSPA rollouts, with seventeen customers using picoXcell
product.
'The additional investment allows the company to consolidate its
leadership in next-generation wireless and assist in the next phase
in the company's growth', says the company.
See also:
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