US-based Geo Semiconductor attracted $1.6m of new funding from existing investors on Wednesday and has 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.
Geo plans to invest the capital in completing the development of its new optical processor.
Paul Russo, chief executive officer of GEO Semiconductor, said: "I am very pleased to complete this additional financing in order to accelerate our work on our GEN 4 eWarp device. The series B funding will allow the completion of the next generation IC as well as fund the next phase of corporate growth. Since inception, GEO has generated revenue from our unique scalable video and geometric processor platforms, which includes significant design wins with global customers."