Chip Maker Pixim Raises $15M For Product Development
March 08, 2007
From: Venture Wire
By Scott Denne
Pixim
Inc., a producer of chip sets for security cameras, has received
commitments for $15 million worth of financing in its sixth venture
round.
Tallwood Venture Capital, a venture capital firm that invests only in
semiconductors and related fields, led the round, with Mayfield Fund
and Ridgewood Capital also participating. The remaining investors will
be announced when the round officially closes later in the month, said
John Monti, vice president of sales and marketing for Pixim.
"From a technology point of view they have learned a lot and
incorporated a huge amount of know-how and IP in pursing the security
market," said Ron Yara, a general partner at Tallwood, who will take a
seat on Pixim's board.
The round will be used both for general working capital and for product
development, with "a heavy emphasis on development," Yara said.
Pixim, founded in 1999, has raised a total of $86 million to date, including a $12 million recapitalization in April 2005.
Unlike its main competitor, the Semiconductor Products Group of Sony
Electronics Inc., Pixim's chip sets allow for easy manufacturing
because they don't use analog sensors, which require a difficult analog
board design, Monti said.
Its current Orca line of products, which function in both very dark and
very bright lighting, has been shipping for two years, Monti said. The
company's customers include General Electric Co., JVC Co. of America
and Honeywell International Inc.
"We believe that the funding will get the company to break even" and
that no future rounds will be necessary, said Yara, who does not see an
IPO any time in the near future.
