Fabless semiconductor company Newport Media, which specializes in silicon for mobile TV receivers, has closed a $25 million second round finance round that brings the total invested in the Lake Forest, CA-based start-up to $36 million. The round was led by Oak Investment Partners, with previous investors, Benchmark Capital, Venrock Associates, Global Catalyst Partners and Pinnacle Ventures, all participating.
Newport Media joins a growing list of chip companies in the mobile TV market, which includes start-ups such as DiBcom, Siano Mobile and Frontier Silicon as well as established players such as Philips Semiconductors, Texas Instruments, Freescale Semiconductors and Microtune.
Red Herring: Newport CEO Mohy Abdelgany “I see some companies folding their tents, and I expect some to fold their tents this year…Many startups are positioned to develop their product, but not take it to market. Not us. Our capital will enable us to develop and go to market, so we’re going the IPO route.”
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