An investor in Summit Microelectronics, a power management chip company for mobiles backed by Finland-based mobile phone company Nokia’s corporate venturing unit, has reportedly made a four times return from its sale to semiconductor company Qualcomm last month.
Bessemer Venture Partners, which had invested in Summit 15 years ago, made the return, according to news provider Private Equity Hub.
Last year Summit raised $3.3m, according to a regualtory filing, which said the company could raise up to $5m, 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 an $8.3m fundraising by Summit in 2000.
PE Hub quotes data from its parent Thomson Reuters as saying the company was also backed by venture firm Spinnaker Ventures, FirstMark Capital, Eastward Capital Partners, HLM Venture Partners, Hotung International, and CID Group.