Geo Semiconductor, a US-based chip maker backed by a ST Microelectronics subsidiary, has raised $5.6m, almost half of its planned $12m series B round that it began last year, according to a regulatory filing first seen by news provider BizJournal.
Last year, Geo Semiconductor attracted $1.6m from existing investors and initiated efforts to raise a series B round worth $10m. Geo has not specified details but has revealed that $1.3m was made up of equity funding while the rest was obtained under a convertible debt agreement.
Geo raised $2m in equity, in September 2010, from venture lending firm Montage Capital and venture capital firm Harris & Harris Group, followed by more than $1m of debt and equity financing from intergrated circuit (IC) manufacturer Genesis Microchip in March 2011. Genesis is owned by semiconductor manufacturer ST Microelectronics.