Friday, September 18, 2009

Recore Systems receives US$ 3 million funding

ENSCHEDE, The Netherlands, September 18, 2009 - Recore Systems, a fabless semiconductor company specialized in reconfigurable multi-core processors, received US$ 3 million funding in September 2009. The investment round was led by Point-One Innovation Fund and the East Netherlands Participation Company.

The new funds will be used to expand the sales, marketing and customer support organization. Moreover, the company will release a chip for receiving digital radio and TV. This receiver chip targets consumer electronics for European and Asian markets, such as (car) radio systems, portable media players and navigation devices. Its features include reception and playback of DMB, DAB+ and DAB broadcasts. The underlying reconfigurable technology allows the receiver to be used in every region of the world and enables adapting to new or unforeseen developments. Integrating the silicon tuner, baseband processing and media decoding in a single chip makes the solution cost competitive and easy to integrate in end user applications.

“Raising venture capital in the semiconductor industry in these challenging times is a great confirmation of the excellence of our technology and people”, stated Recore Systems’ CEO Paul Heysters. “During the past years, we strengthened our IP portfolio and we are now ready to enter the market with a chip of our own. We offer a future-proof digital radio/TV receiver chip that can be fine-tuned in software to the requirements of a specific region. Entering this market requires expansion of our business development team, which will also foster our IP sales. We are therefore very excited to have Point-One Innovation Fund and the East Netherlands Participation Company as part of our investor base.”

Recore Systems’ products enable highly efficient multi-core systems for applications such as broadcasting, multimedia, wireless (tele)communication and digital beamforming. These fully programmable systems reduce time-to-market and add flexibility through software upgrades.


ABOUT RECORE SYSTEMS
Recore Systems is a fabless semiconductor company that develops advanced digital signal processing platform chips and licenses reconfigurable semiconductor IP. Recore's technology enables ultra energy-efficient digital signal processing in products such as cell phones, digital radios/TVs and infotainment/navigation systems.
The company is specialized in reconfigurable multi-core designs that allow instant adaptation to new situations and offer a unique combination of flexibility, high performance, low power and low cost. Scalability of the technology allows use in both consumer and high-end applications.
Recore's reconfigurable technology comprises innovative processor cores, design tools for easy integration in customer solutions and ready-to-use applications. Besides reconfigurable hardware solutions, Recore provides accompanying IDE tools, software libraries and application engineering services.

ABOUT POINT-ONE INNOVATION FUND
Point-One Innovation Fund is an early stage Venture Capital Cooperation in The Netherlands with a focus on the technology domain, including semiconductors, software, consumer electronics and media, communication, mobile applications, automotive, gaming, navigation, internet and medical devices for the home. The fund emphasizes technologies that are friendly in terms of energy consumption. Point-One Innovation Fund has been set up to help create and grow high-tech start-up companies in the Netherlands.

ABOUT EAST NETHERLANDS PARTICIPATION COMPANY
The East Netherlands Participation Company invests in promising businesses. Companies that are pioneers or give the regional economy a boost. We focus on the market sectors health, technology and the food industry. But other innovative companies are also welcome, of course. The fund invests in starters, early phases, expansion, bridge financing, management follow-up, restructuring, company succession, management buy-outs and buy-ins.

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