Monday, June 7, 2010

SiliconBlue Completes $15M Series C Preferred Stock Financing

SANTA CLARA, Calif.--(BUSINESS WIRE)--SiliconBlue® Technologies, the leader in ultra-low power, single-chip, SRAM mobileFPGA™ devices, today announced the closing of a $15M Series C preferred stock financing. The proceeds from the financing will be used to support the continued proliferation of SiliconBlue’s mobileFPGA™ products by strengthening customer support infrastructure, operations supporting the company’s strong manufacturing ramp, sales channel, and developing next-generation products. Apex Venture Partners, a Chicago-based venture firm, led the financing, with the existing group of investors including NEA, Crosslink Capital, and BlueRun Ventures all participating.

“The mobile consumer product market today parallels the market situation that originally spawned the programmable logic industry,” said Armando Pauker of Apex Venture Partners.

“The tremendous rate of innovation in these products cannot be supported by traditional semiconductor solutions. SiliconBlue’s mobileFPGA products present a great opportunity for mobile consumer product manufacturers, as well as investors.” Mr. Pauker is a General Partner at Apex Venture Partners, and has been elected to SiliconBlue’s Board of Directors.

SiliconBlue’s Series C funding comes as the company continues to achieve unprecedented milestones as a new FPGA company. All four of the company’s iCE65™ product lines are in production. The company has achieved well over 150 design wins in volume mobile applications such as Smart Phones, eReaders, and digital still cameras. “As a team, we are proud of the progress we have made towards our vision of enabling innovation in the mobile handset market. Customers are using our mobileFPGA devices to compliment mobile application processors and chipsets, taking innovation to a whole new level,” said Kapil Shankar, CEO of SiliconBlue. “We appreciate the continued support of our investors, and we welcome Armando and Apex to our company.”

About SiliconBlue

SiliconBlue Technologies is the first programmable logic start-up company in 20 years to ship products in volume production. The company offers a new class of ultra-low power, single-chip, SRAM FPGAs designed specifically for handheld consumer applications. Manufactured on TSMC’s 65nm LP (low power) CMOS process, the iCE65 mobileFPGA family meets the capacity, power, area, and price requirements for high-volume, battery-operated products such as Smart Phones, eReaders, mobile internet devices, and digital still cameras. Headquartered in Santa Clara, California, the company has a highly skilled team of programmable logic device (PLD) experts who have been instrumental in developing and patenting many of the leading programmable logic technologies in the market today. For more information, please visit our website at www.siliconbluetech.com.

About Apex Venture Partners

Apex Venture Partners is a Chicago-based venture firm focused on investments in companies with high potential for value creation in a variety of sectors including technology, software, IT infrastructure and telecommunications. Established in 1987, the firm has more than $500 million under management, and has invested in over 100 technology companies throughout the United States. Further information is available at www.apexvc.com.

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