TORONTO, June 28, 2011 /CNW/ - Celtic House Venture Partners has
participated in a $9 million Class C financing round of Fresco
Microchip, a leading supplier of television demodulator and IF
processor components. The financing was co-led by Ventures West and
will be used to strengthen Fresco's working capital position in support
of strong demand for the FM1100 family of demodulator products and for
market introduction of Fresco's new silicon tuner line up. Joining the
investment syndicate as a new investor is the Ontario Venture Capital
Fund, a joint initiative between the Government of Ontario and leading
institutional investors to invest in Ontario-based and Ontario-focused
venture capital and growth equity funds that support innovative, high
growth companies. The Fund is managed by Northleaf Capital Partners.
"Fresco's emphasis on system cost reduction, integration, and universal
video/audio support has resulted in rapid adoption by many top tuner
module makers," said Lance Greggain, President, CEO, and co-founder of
Fresco. "The additional funding will facilitate expansion of our
product offerings to meet customer demand. The domain knowledge of the
Celtic House team and the advantages of being part of their portfolio
have accelerated our business. Celtic House was instrumental in
organizing this round of financing and bringing in the Ontario Venture
Capital Fund as a new investor."
"Fresco's technology is the industry-standard for television-grade
picture quality and low system solution cost with millions of chips
shipping in hundreds of television models worldwide," said Celtic House
Partner Brian Antonen. "We expect to continue to see broad-based
adoption of Fresco solutions in the global TV market as the company
launches its new line up of silicon tuners and tuner modules."
"Fresco's success reflects a sustained effort by Celtic House over the
past 10 years to develop a cluster of industry leading companies with a
focus on consumer video in the Toronto and Waterloo regions," said
Celtic House Partner Tom Valis. "We expect Fresco to play an
influential role in the future direction of the industry and to be a
net contributor to Canada's technology ecosystem."
Fresco Microchip is a leader in RF, analog and digital semiconductors.
The company's products deliver Value Through Innovation™ by offering significantly lower system solution costs at optimal
performance. Fresco's patent-pending technology transcends a broad
range of consumer devices creating a fundamental paradigm shift in the
television market. Fresco's customers include top tier tuner
manufacturers who supply leading consumer electronic brands. The
company is headquartered in Markham, Canada with design centers in
Ottawa, Canada and Irvine, California. For more information, visit www.frescomicrochip.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 a unique architectural approach to investing and
capitalizing on the deep domain expertise of its partners, 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.
About Ontario Venture Capital Fund
The $205 million Ontario Venture Capital Fund is a joint initiative
between the Government of Ontario and leading institutional investors
to invest primarily in Ontario-based and Ontario-focused venture
capital and growth equity funds that support innovative, high growth
companies. OVCF is structured as a fund of funds to invest in a range
of funds as well as co-investing directly in companies, with the
primary objective of generating attractive returns for its investors.
The Fund is managed by Northleaf Capital Partners. For more information
on OVCF, go to www.ovcf.com.
SOURCE Celtic House Venture Partners
For further information:
| Media Contact for Celtic House: |
Media Contact for Fresco:
Media Contact for OVCF:
| Tomas Valis, +1 (416) 924-7000 |
Melissa Chee, +1 (905) 480-9109 x241
Lorena Scott, +1 (416) 477-6717