(September 29, 2010 – BUSINESS WIRE) — GEO Semiconductor Inc., provider of high-performance, programmable video and geometry pixel processor ICs for LED-backlit LCD displays and smartphone cameras (optics through sensor), raised $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 chairman and CEO Paul Russo welcomed the expansion capital with new investors Montage Capital and Harris & Harris Group, as well as existing financiers. "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," he said.
Series B funding will be used for development of next-generation eWarp geometry processing silicon in the fourth quarter of this year, Russo added.
GEO Semiconductor (GEO) provides programmable, high-performance, video and geometry pixel processor ICs for multiple markets and types of sub-pixel streams. Learn more at www.geosemi.com
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