Summit Microelectronics, a US-based semiconductor company backed by the corporate venturing of Swedish-based telecoms company Nokia, has raised part of a planned $5m fundraising .
Summit has raised $3.3m, according to a regualtory filing, although contributing investors were undisclosed. Nokia Growth Partners led a $10m fundraising by Summit in 2007, contributing $4m. Other investors in the 2007 round included venture capital firms Norwest Venture Partners, August Capital, Pequot Ventures and Bessemer Venture Partners.
Norwest Venture Partners, August Capital and Bessemer also participated in a $8.3m fundraising by Summit in 2000. There have been other unquantified fundraisings by Summit, according to the statement, although the available details mean it has raised at least $21.4m in its history, which goes back to 1997.
Summit’s chips regulate power and are digitally programmable. They are used in consumer, communications and computing applications.