Tuesday, September 28, 2010

GEO Semiconductor Closes $2 Million in Venture Debt and Equity Financing

SANTA CLARA, Calif.--(BUSINESS WIRE)--GEO Semiconductor Inc. (“GEO”), the industry leader in high performance, programmable video and geometry pixel processor IC solutions that enable large new markets in LED-backlit LCD displays and smartphone cameras (optics through sensor), today announced $2 million in additional funding comprised of venture debt and equity. Montage Capital led the venture debt portion of the funding with participation from Harris & Harris Group. The equity portion of the funding was secured from existing shareholders and management.

GEO plans to utilize the proceeds from this funding to support its multiple new design wins for applications in LED backlighting for LCD flat panel displays, smartphone cameras, video conferencing, surveillance, laser 3D TV, digital cinemas and 2D/3D projection. In addition, this financing will be used for business development activities, while also providing additional working capital as IC shipments begin to ramp.

GEO Semiconductor’s Chairman and CEO Paul Russo commented, “I am very pleased to have raised this expansion capital and to welcome Montage Capital and Harris & Harris Group as our newest investors in the Company. This financing will enable us to further penetrate key high volume growth opportunities that include correcting color & brightness uniformity issues in LED-backlit LCD displays as well as correcting optical anomalies and sensor pixel non-uniformity issues in smartphones. I also want to extend my appreciation to our existing equity investors for their continued support. I believe this additional funding will further drive our business forward, while we begin our Series B funding for development of our next-generation of eWarp geometry processing silicon in the fourth quarter of this year.”

About GEO Semiconductor

GEO Semiconductor (GEO) is the industry leader in programmable, high performance, video and geometry pixel processor IC solutions for multiple markets and types of sub-pixel streams. GEO has two platform technologies - Realta (real-time processing of HD video & 3D algorithms in software) and eWarp (allowing the trade-offs between optical systems and pixel processing, enabling the merging and de-warping of multi-camera capture systems, making possible low-cost, precise correction of LED-backlit LCD display color and brightness uniformity issues, and correcting the entire optical path in smartphone cameras (optics anomalies through image sensor uniformity issues). In addition to the highest 2D/3D video and geometry processing performance, these platform technologies enable totally new products and features, at resolutions of 1080P and beyond. GEO ICs have found broad acceptance in such markets as High Resolution Medical LCD Displays, Dynamic Signage, Broadcast, High-end BluRay DVDs and AVRs, Advanced Projectors, 3D, Laser TV, and Multi-Camera Video Conferencing and Surveillance devices with global industry leading customers. The company’s products and technologies, through superior and precise sub-pixel video and geometry processing enable both cost reductions with improved performance for existing products while also enabling new opportunities such as digital optical correction, LCD display enhancement through color and brightness uniformity correction, ePTZ™ digital pan/tilt/zoom video conferencing and surveillance systems, and pico-projection. GEO is headquartered in Santa Clara, California with offices in Toronto and Orlando, and sales channels around the world. www.geosemi.com

About Montage Capital

Headquartered in the heart of Silicon Valley, Montage Capital (www.montagecapital.com) provides early and mid-stage technology companies with unique financing solutions. The firm focuses on companies led by seasoned entrepreneurs, who are delivering proprietary products and services to large markets. Its lending products offer founders and executives a compelling alternative to financing from traditional angel, venture capital and commercial banking sources.

About Harris & Harris Group

Harris & Harris Group (NASDAQ: TINY) is a venture capital company that specializes in making investments in companies commercializing and integrating products enabled by nanotechnology and microsystems. The firm defines venture capital investments as the money and resources made available to privately held start-up firms and privately held and publicly traded small businesses with exceptional growth potential. Harris & Harris Group has funded companies developing nanoscale-enabled solutions in solid-state lighting, emerging memory devices, printable electronics, photovoltaics, battery technologies, thermal and power management, next-generation semiconductor devices and equipment, quantum computing, diagnostics, therapeutics and medical devices. With over 30 nanotechnology companies in its portfolio, the firm believes they are one of the most active nanotechnology investors in the world.

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