TORONTO, Dec. 8 /CNW Telbec/ - Celtic House Venture Partners has led a US$5.6 million Series "B" financing round of RedMere. Based in Dublin, Ireland, the fabless semiconductor company is a leading provider of connectivity solutions for next generation cable products for consumer multimedia. EdgeStone Capital Partners (Toronto) and Enterprise Equity (Dublin) also participated in the round, which will be used to strengthen RedMere's working capital position in support of strong demand for its EyeWire(TM) active cable chipset for use in HDMI cables and broadening its product lines and operations worldwide.
"Cables using our technology are already available in major consumer electronics stores for the 2009 holiday season and will appear in retail outlets all across North America and Europe in the first quarter of next year," said Peter Smyth, President and CEO of RedMere. "Our EyeWire(TM) active cable chipset offers consumers super thin cables by embedding a self-powered chip in the cables. Using our technology, manufacturers can produce a cable that's about 2 millimetres in diameter - close to the size of the earbud cable used with an iPod - but it carries high definition video."
Earlier this year, Monster Cable(R) of Brisbane, California announced the introduction of its new Monster(R) SuperThin(TM) High Speed Powered HDMI Cable based on RedMere's breakthrough technology. At that time Noel Lee, the Head Monster, noted: "Monster built our reputation on thick, heavy gauge high-quality cables with unequalled performance capabilities. Now, thanks to our alliance with RedMere and their leading-edge MagnifEye Active technology, we're able to provide our customers with the same level of Monster quality and reliability in a brand new type of 'magically thin' cable. The difference is immediately apparent - SuperThin cables are much smaller and lighter, matching the sleek appearance of the consumer electronics products they connect."
"RedMere's execution in getting their first product to market has been first class," said Celtic House Partner Roger Maggs. "HDMI is just the first of many applications for their core technology. There are several other high data rate standards that are obvious targets for future product and market development. RedMere is already significantly along the development path required to bring these additional products to market."
"RedMere's success confirms our long-term investment strategy of leveraging the core competencies in our target regions, in terms of both technology and people, to develop platform technology companies," said Celtic House Partner Brian Antonen. "Celtic House has built a cluster of companies in key areas of the consumer video market, including connectivity, portability, processing, security, and tuning/demodulation. Collaboration among our portfolio companies reduces market resistance and improves time-to-revenue, lowering the risk for our investment projects in our target markets."
RedMere is the leading provider of chip and cable technology solutions for the next generation of compact, lightweight cables for Synchronization, Imaging, Home Theater, Gaming and Enterprise Networking applications. Whether on the move, at home or at work these new cable systems deliver the ultimate in compact digital connectivity over HDMI, DisplayPort and USB for Video and Still Cameras, Smartphones, HDTV, Blu-Ray DVD, PS3 and Xbox, as well as enterprise solutions using Infiniband and PCI Express. RedMere provides cable-embedded semiconductors and advanced cable reference designs to cable industry leaders and manufacturing partners. For more information, please visit www.redmere.com.
About Celtic House Venture Partners
For over 15 years, Celtic House Venture Partners has been Canada's most active investor in private information and communications technology companies. Applying the deep domain expertise of its partners and capitalizing on a unique architectural approach to investing, Celtic House has consistently provided superior financial returns to its investors. With $315 million under management, Celtic House has collaborated with management teams and repeat entrepreneurs to develop platform technology companies from the inception phase through to exit, generating over 20 initial public offerings and successful acquisitions. For more information, please visit www.celtic-house.com.
SOURCE CELTIC HOUSE VENTURE PARTNERS
For further information: For further information: Media Contact for Celtic House: Tomas Valis, (416) 924-7000; Media Contact for RedMere: Peter Smyth, +353 (1) 841 0949