MILPITAS, Calif.--(BUSINESS WIRE)--Magnum Semiconductor today announced that the company has closed a round of venture funding totaling $27 Million. The financing round was led by Investor Growth Capital, and included new investments from WK Technology Fund, KTB Ventures, and Gold Hill Capital, as well as further participation from Magnum’s initial investors August Capital, and Investcorp Technology Partners.
Jack Guedj, president and CEO of Magnum Semiconductor, said, “Magnum sales are growing rapidly in Japan, Korea, Europe and China. We now have greater financial strength, allowing us to accelerate our R&D efforts in high-definition products, and to fund expanding operations in support of our revenue ramp.”
Jose Suarez, managing director of Investor Growth Capital, has joined the Board of Directors of Magnum Semiconductor. Suarez noted, “At Investor Growth Capital we look for companies with experienced management, as well as a strong customer base and product offering, which require additional capital to support revenue growth. With an increasing number of design wins among marquee consumer electronics OEM customers, Magnum fits these requirements.” Guedj commented, “The active participation of our first-round investors has helped us to build and expand our business. We now look forward to the added contributions of our new venture investors. We see the participation of these international investors as an endorsement of the strength and global nature of our business.”
About Magnum Semiconductor
Magnum Semiconductor is a premier provider of chips, software, reference platforms and engineering support services for recording, viewing and managing high-quality audio/video content. Magnum Semiconductor is headquartered in Milpitas, Calif. with sales and engineering offices in Korea, Taiwan, Japan and China. Further information is available at www.magnumsemi.com.
Note to Editors:
Please also see two additional press releases which were issued this day, titled: “Magnum Semiconductor Expands Board” and “Magnum Semiconductor Bolsters Executive Team”.
Information on Magnum Semiconductor Investors
Following is information on investors who participated in Magnum Semiconductor’s May, 2007 round of financing. New investors are described first, followed by the Company’s two initial investors, who have both also participated in the current round.
Investor Growth Capital:
Investor Growth Capital is the wholly owned venture capital arm of Investor AB (Investor), the largest publicly listed industrial holding company in the Nordic region. Investor was founded in 1916, and is traded on the Stockholm exchange.
Since its formation in the mid-1990s, Investor Growth Capital has invested in high-quality, growth-oriented companies, primarily in the information technology and healthcare industries, in North America, Northern Europe, Japan and China.
Investor Growth Capital was the lead investor in the current financing, investing 50% of the total in the round.
For more information, please see: www.investorgrowthcapital.com
KTB Ventures is the United States operation of KTBnetwork, the largest private equity firm headquartered in Korea. Since the company was established in 1981 KTB has invested in over 400 companies worldwide, including over 40 companies in the U.S. since 1994.
Additional information on KTB Ventures can be found at: www.ktbvc.com
WK Technology Fund:
WK Technology Fund is a full spectrum cross-Pacific venture capital firm specializing in investments in innovative component, systems, software, and service companies in the communications, semiconductor, IT and Internet, and media sectors.
WK Technology Fund was founded in 1989 in Taipei, Taiwan, on the principle of providing strong support to its portfolio companies. WK Technology currently has $500M in evergreen funds under management, and has invested in over 240 companies.
WK Technology Fund can be found on the web at: www.wktechfund.com
Gold Hill Capital:
Gold Hill is a leading provider of growth capital financing for venture-backed technology and life science companies. Gold Hill enables companies to optimize their finances, using debt and equity to leverage their venture capital and fund their growth.
Gold Hill’s participation in the current round of financing comes in addition to debt financing which had been extended to Magnum over the course of the last year.
Readers are invited to visit: www.goldhillcapital.com
Founded in 1995, August Capital is a leading venture capital firm that invests in innovative technology companies. August Capital focuses on helping outstanding entrepreneurs build large sustainable companies. August Capital has $1.3 billion under management, and has invested in more than 60 companies including Atheros, Cobalt Networks, Iridigm, Seagate, Shopping.com, Silicon Image, and Tickle.
Recent investments ranged from $500,000 to $130 million in information technology businesses from semiconductors to ecommerce. The firm's partners have previously invested in a number of groundbreaking technology companies, including Actel, Adaptec, Cirrus Logic, Compaq, Grand Junction, Intuit, Linear Technology, Microsoft, MMC Networks, Sun Microsystems, Sybase, Symantec, and Visio. August Capital is located in Menlo Park, California.
For more information on August Capital, please visit: www.augustcap.com.
Investcorp Technology Partners:
Investcorp Technology Partners is a leading investor in small and medium-sized technology businesses in North America and Europe. The ITP team focuses on growth capital, buyout, corporate carve-out and take-private transactions, generally investing between $15 million and $40 million of equity. Investcorp Technology Partners is part of Investcorp, a leading provider and manager of alternative investment products with over $10 billion in invested assets under management.
Further information is available at http://www.investcorp.com/itp.