Analog chip developer Multigig Inc. announced Monday the closing of a $12.5 million Series B round to support volume production of its first commercial clock and timing products for wired and wireless communications products.
CMEA Ventures of San Francisco led the round, joined by Sierra Ventures of Menlo Park, Calif., and strategic investor Hi-Tech Venture Capital of Malaysia. The deal is the first institutional funding for the eight-year-old startup, and follows a $4.5 million round raised in 2004 when the company relocated from England to Scotts Valley, Calif., and focused on its current market.
Multigig CEO Harris Basit said the company was able to go to investors with completed designs for some products and detailed prototypes for others, and he said it has contractors lined up to begin volume production of its first products. Basit said the design cycle in this sector of the industry runs about 12 months to 18 months, and that the first products containing Multigig chips are expected on the market in 2009.
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