Toronto's Spectra7 Microsystems today announced that they have secured $11 million in funding from venture capital firms Celtic House Venture Partners, Ventures West Capital, and EdgeStone Capital Partners.
The Canadian startup says the funding will be used to accelerate product development and the production ramp of their new consumer electronics product line.
Spectra7 wants to be a leading high performance analog semiconductor innovator. The company plans to deliver a new class of disruptive high speed analog semiconductors to the consumer and wireless infrastructure markets. The company intends to be public.
"The oversubscription of this financing round underlines that our unique strategy on delivering high bandwidth, frequency agile semiconductors for the next generation mobile internet is a winner," said Tony Stelliga, the chief executive officer of Spectra7. "A public listing coupled with strong investor support provides us with many competitive advantages as we continue to execute on our business plan."
"Spectra7 represents the culmination of best-in-class technology from two industry leaders and a very experienced management team," said Brian Antonen of Celtic House. "We are delighted to take part in this financing round. The company plans to attack the high growth mobile internet market. In our view, high performance analog represents one of the true high growth areas in the semiconductor market."
From offices in Toronto, Montréal and Ottawa, Celtic House manages over $425 million across three funds.