SEB Venture Capital invests Euros 1.5 million in Coresonic

June 14, 2010 -- Coresonic AB, a leading provider of baseband processor technology, has raised € 2 million (SEK 20m) in an issue of new shares. This round was led by SEB Venture Capital as well as attracting further financing from existing investor Industrifonden. The capital will enable Coresonic to drive the international sales expansion and continue building a strong technology platform.

Coresonic, founded in 2004 based on the outcome of a research project at Linköping University, has developed a unique patented technology for digital signal processing. Customers are all chip manufacturers with products that include signal processing, e.g. all kinds of radio, phones, WiFi etc. The product is a design, to be included in a chip as well as software tools to adapt the design and program the processor to the specific application.

“Digital signal processing is not only a prerequisite for virtually all contemporary communications and electronics consumer devices; it has also become the dominant value driver for the entire semiconductor industry. The main bottleneck is no longer processing speed for computer applications, it is the need to improve communications and enhance the consumer experience of multimedia content. The digital signal path is therefore one of our main investment areas and Coresonic is a company ideally positioned to become a leading actor in this new arena” says David Sonnek, Head of Business Development Technology Investments at SEB Venture Capital.

“The company is early stage but has reached the first commercial agreements with large customers giving proof of concept for the technology as well as for the licensing business model. There is also a strong pipeline of prospective customers and we believe the company will have a great potential to grow the business significantly in the near future” says Ulf Lewander, Investment Manager at SEB Venture Capital.

Johan Lodenius, CEO of Coresonic says: “Given the recent growth and strong international interest in our technology, this additional funding and shareholder commitment secures our expansion plans. Our breakthrough innovations in signal processing, the foundation of all digital communications systems, provide substantial reductions of cost, power and development time for our customers. We thank our new and existing shareholders for their support and look forward to continue developing our business."

“We have been involved in Coresonic since 2007 and since then we have seen Coresonic’s innovative technology develop from grounds-up research into a commercial breakthrough with multiple core license agreements” says Lennart Gustafson, Investment Manager at Industrifonden. “Coresonic offer several unique features and is well ahead of its competitors, which means it has particularly bright prospects”.

About SEB Venture

Capital SEB Venture Capital (www.seb.se/venturecapital) was established in 1995 and is part of the SEB Group. With a multistage evergreen fund of approximately 240 million Euros, the fund has currently 37 investments in the technology and healthcare sectors, and has achieved 45 exits since inception. SEB is a North European financial group serving some 400,000 corporate customers and institutions and five million private individuals. Read more about SEB at www.sebgroup.com.

About Industrifonden

Industrifonden (www.industrifonden.se) is a large, multi-sector investor in small and medium sized Swedish companies with international growth potential. It is an ever-green fund with total assets of SEK 2,900 million and holdings in about 100 companies.