Company aims to expand global sales/marketing and grow the HiveGo solution portfolio for mobile phones and Mobile Internet Devices
EINDHOVEN, The Netherlands -- October 22, 2008 -- Silicon Hive B.V. announced today that it received $7M in new funding this month. The round was led by Intel Capital and joined by existing investors New Venture Partners and TVM Capital.
The new funds will be used to expand the global sales, marketing and customer support organization, which operates from offices in Eindhoven, Bangalore, Tokyo, Seoul and Silicon Valley. Also, the company intends to release additional HiveGo solutions for image and video processing. HiveGo products combine Silicon Hive’s silicon proven HiveFlex processors with specialized software building blocks to implement critical high-performance functions on multi-media integrated circuits for consumer electronics.
Silicon Hive has also signed a business agreement with Intel for potential product opportunities using Silicon Hive’s technology, covering the entire spectrum of mobile products.
“During the past year, Silicon Hive experienced significant growth worldwide gaining several tier one semiconductor vendors as customers. We work closely with them to address the growing need for programmable solutions to make their flagship semiconductor platforms more cost-effective and future-proof. We are excited about Intel Capital joining our investor base as we follow that mission,” said Atul Sinha, founder and CEO of Silicon Hive.
"Silicon Hive's technologies strike a balance across the vectors of low power consumption, high processing power, and programmability," said Ashish Patel, managing director of Europe, Middle East and Africa (EMEA), Intel Capital. "Consumer electronics have to perform increasingly complex computational tasks such as communications, imaging and video processing, and Silicon Hive is well positioned to capitalize on this trend for next-generation mobile devices."
Silicon Hive’s products enable semiconductor and consumer electronics companies to make fully programmable integrated circuits for imaging, video and wireless communication applications. Programmability reduces time-to-market and adds flexibility through software upgrades. Examples of products designed with Silicon Hive technology include a digital camera image processor, a Full HD picture processor, WiMAX baseband chip, and a multi-standard digital TV receiver.
About Silicon Hive B.V.
Silicon Hive is a worldwide supplier of semiconductor intellectual property. The company designs, builds and licenses application-specific solutions for communications, imaging, and video processing using its tuned programmable HiveFlex processor cores and complete vertical HiveGo solutions. IP cores are supported by HiveCC program development tools, and partner supplied application libraries. Silicon Hive products enable semiconductor and consumer electronics companies to make fully programmable System-on-Chips (SoCs) improving time to market performance. The patented technology originates from 10 years of research within Philips Research and more recent improvements, additions, and commercialization by Silicon Hive. www.siliconhive.com.
About Intel Capital
Intel Capital, Intel's global investment organization, makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software, and services targeting enterprise, home, mobility, health, consumer Internet, semiconductor manufacturing, and cleantech. Since 1991, Intel Capital has invested more than US$7.5 billion in approximately 1,000 companies in 45 countries. In that timeframe, 168 portfolio companies have gone public on various exchanges around the world and 212 were acquired or participated in a merger. In 2007, Intel Capital invested about US$639 million in 166 deals with approximately 37 percent of funds invested outside the United States. For more information on Intel Capital and its differentiated advantages, visit www.intelcapital.com.
About New Venture Partners LLC
New Venture Partners LLC, the global venture capital firm dedicated to corporate technology spinouts, has over $700 million under management. New Venture Partners provides a bridge between technology corporations and traditional venture capital. Through its unique, hands-on approach, the firm offers a systematic process for commercializing innovations and provides an alternative path to market for corporate technologies. The New Venture Partners team has completed over 60 spinouts from the R&D labs and business units of global technology corporations including Lucent/Bell Labs, British Telecom, Philips Electronics, Agere, Boeing, Freescale, Intel, Telstra, and others, and has become the benchmark for corporate spinout venturing. www.nvpllc.com
About TVM Capital GmbH
TVM Capital is a global venture firm with a 25 year operating track record. The investment focus of TVM Capital on financing technology and life sciences companies has led to specialized, focused teams and dedicated funds to serve the target markets best. TVM Capital's Technology Team invests in promising businesses with a focus in information technology, internet, communications and clean technology. The TVM Capital Technology Practice has successfully invested in these emerging markets consistently, developing a deep understanding of the rapidly evolving markets and combining that knowledge with the right business expertise to help portfolio companies navigate the proper course. The TVM Capital Technology Team invests in all stages of the product life cycle from its earliest stages like material and design innovation through late stage opportunities brought about by innovative business models and strategies for execution. For more information please visit: www.tvm-capital.com