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Release LibraryCambridge, UK — October 3, 2002 - CSR, (Cambridge Silicon Radio), the leading provider of single-chip radio devices and the industry’s first single-chip Bluetooth® solution, today announced that it has secured $19 million of new funding following a successful private equity placement. The round was led by LDC and Scottish Equity Partners, with participation from existing institutional investors. CSR will use the funds raised to expand market activities and further invest in the development of its single-chip Bluetooth solution and complimentary wireless communications technologies. CSR is advised by Credit Suisse First Boston’s Technology Group in London.
"Following the significant progress we have made over the past 12 months and the future potential of the single-chip wireless communications market, the Board decided that this was the right time to examine further funding opportunities," said John Hodgson, Chief Executive Officer, CSR. "I am very pleased that we are now able to announce the completion of a successful round of additional funding. The funds raised will enable us to build on our success to date, expand our marketing efforts, and provide working capital to fund the further investment in product development and production ramp."
Hodgson continued, "The continued support received from the investment community is a positive endorsement of the potential we see for CSR in the future. We look forward to continued success as we take full advantage of the dynamic growth market in which we operate."
Note to editors:
The Bluetooth semiconductor market is now starting to achieve significant growth.
According to IDC, the market is expected to reach $2.6 billion in revenue by
2006, up from $76.6 million in 2001, with widespread adoption expected during
2003. With 57% of Bluetooth qualified product designs being powered by CSR pure
single-chip solutions, CSR is well positioned to benefit from this growth.
About LDC
LDC is the leading UK venture capital company in the mid market sector, operating
from 8 offices throughout the UK. The Group invests in medium sized businesses,
and provides funding for management buy-outs, buy-ins and growth. In 2001, LDC
invested £115 million in 28 companies, and a portfolio with an estimated
value of £1.25 billion. For more information, please go to http://www.ldc.co.uk/
About Scottish Equity Partners
Scottish Equity Partners (SEP) is Scotland’s leading venture capital company
and invests in emerging technology businesses throughout the UK. The SEP investment
team has over 50 years’ venture capital experience and an excellent track
record in backing companies across various sectors including software, communications
and electronics. For more information visit the company website at http://www.sep.co.uk/
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