Celtic House Venture Partners Co-Leads $9 Million Follow-on Financing of Fresco Microchip

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."

About Fresco

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

 

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