Cradle Technologies Completes $12 Million Funding Round; Valuation Step-Up Round Led by Investor Growth Capital.Business Editors/High-Tech Writers MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--May 27, 2004 Cradle Technologies, a fabless semiconductor company A fabless semiconductor company specializes in the design and sale of hardware devices implemented on semiconductor chips. It achieves an advantage by outsourcing the fabrication of the devices to a specialized semiconductor manufacturer called a semiconductor foundry or "fab. delivering the highest performance and most flexible multiprocessor DSP (1) (Digital Signal Processor) A special-purpose CPU used for digital signal processing applications (see definition #2 below). It provides ultra-fast instruction sequences, such as shift and add, and multiply and add, which are commonly used in math-intensive solutions for real-time video, audio and imaging applications, today announced that it has completed a $12 million round of venture funding. The round was led by a $7 million investment from Investor Growth Capital, the wholly owned venture capital subsidiary of Investor AB Investor AB is a Swedish investment company, founded in 1916 and still controlled by the Wallenberg family. The company owns a controlling stake in several large Swedish companies. In 2006 it had a market value of 119 billion kronor (€13 billion). ($16 billion). , the largest publicly listed industrial holding company in Sweden with assets of approximately $14 billion. Previous investors also participated in the round, including Charter Venture Capital, East Gate Capital Management, Prodea, NeoCarta Ventures and Smart Technology Ventures. "We have been watching the programmable silicon area with interest for some time and were impressed with Cradle's management team," said Michael Ricks, managing director at Investor Growth Capital. "The company's innovative solutions as well as the top tier sales channels, built in a short period of time, showed us that Cradle's future expansion plans could be enhanced by Investor Growth Capital's international network. We look forward to leveraging our relationships and assisting in Cradle's future growth." "This additional capital will allow us to ramp up Ramp Up To increase a company's operations in anticipation of increased demand. Notes: A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product. See also: Demand, Economies of Scale our sales and marketing activities and more rapidly build our revenue stream," said Arthur Chang, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and president of Cradle Technologies. "Investor Growth Capital's investment and the renewed commitment from existing investors underscore the potential of Cradle's semiconductor technology and our large market opportunity." In April 2004, Cradle announced that the company had begun shipping the industry's first real-time H.264/MPEG-4 AVC MPEG-4 is a suite of standards which has many "parts", where each part standardizes various entities related to multimedia, such as audio, video, and file formats. To know more about various parts and what they mean, please see the entry for MPEG-4. H. video codec solution implemented on a single DSP chip. The H.264/MPEG-4 AVC video compression standard is expected to offer up to twice the compression of the current MPEG-4 ASP (Advanced Simple Profile). Cradle will use the proceeds of the investment principally to expand sales, marketing, applications and customer support activities. About Cradle Technologies Cradle is a fabless semiconductor company providing the highest performance, most flexible multiprocessor DSP solutions for real-time video, audio and imaging applications. Cradle's multiprocessor DSP architecture innovation delivers high performance scalable DSP processing with the flexibility and time-to-market benefits of processor-based programmable platforms. Coupled with a Rapid Development System and suite of IP software functions, Cradle provides OEMs with all the building blocks necessary to enable flexible yet high performance DSP designs. Cradle's corporate headquarters are located in Mountain View, Calif. For more information about the company call 650-210-3600 or visit www.cradle.com. About Investor Growth Capital, Inc. and Investor AB Investor Growth Capital (IGC (Integrated Graphics Controller) The inclusion of the video display circuitry on the motherboard. An IGC is typically contained in the chipset, such as the Northbridge. See integrated graphics and IGP. IGC - Institute for Global Communications ) -- www.investorgrowthcapital.com -- is a venture capital and private equity advisory group wholly owned by Investor AB of Sweden with offices in North America, Europe and Asia. IGC actively invests in technology and healthcare companies. IGC accesses Investor AB's extensive global network of companies and senior managers to assist in the growth and development of its portfolio companies. Investor AB is a shareholder in a number of global public companies such as ABB n. 1. Among weavers, yarn for the warp. Hence, Noun 1. ABB - an urban hit squad and guerrilla group of the Communist Party in the Philippines; formed in the 1980s , Astra Zeneca, Atlas Copco, Electrolux, Ericsson, Gambro, OMHEX OMHEX OM Technology and HEX Integrated Markets , Saab AB, Scania, SEB Noun 1. SEB - a form of staphylococcal enterotoxin that has been used as an incapacitating agent in biological warfare staphylococcal enterotoxin B and WM-data. The portfolio consists of 100 new investments and a number of other holdings including investment in the 3G mobile operator Hi3G. The company has a diversified portfolio of holdings in the following sectors: Healthcare, Technology, Engineering, and Financial Services. More information can be found at www.investorab.com. |
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