Bold, Hairy, Audacious Plays Falter
There were three ‘bold, hairy audacious plays’ on the UK semiconductor scene, to quote Icera’s founding CEO Stan Boland – Icera, PicoChip and XMOS.
With PicoChip’s acquisition for a paltry $27 million plus another $24 million in shares, there is now only one.
PicoChip returned its investors around half their money after eleven years. About $100 million went in and about $50 million came out.
Icera had about $250 million of investment and, after a decade, returned its investors $368 million – far from the scale of returns to which VCs aspire.
By contrast, CSR went from 4 people to $3 billion market cap in eight years.
This is a sorry day for UK VC investment.
We need some winners.