Morphics Technology Closes Oversubscribed Third Round Funding.Business Editors/Technology Writers CAMPBELL, Calif.--(BUSINESS WIRE)--Jan. 29, 2001 Bessemer Venture Partners Bessemer Venture Partners is a private venture capital firm with offices in Silicon Valley, New York, Massachusetts, China, and India. It has backed such companies as Ciena, Flarion, Parametric Technologies, Skype, Staples, VeriSign and Veritas. Leads Round With Major Support From Industry-Leading Communications Companies Morphics Technology Inc., a Silicon Valley based start-up focused on signal processing See DSP. solutions for 3G wireless communications, today announced the completion of their Series C equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. in the amount of U.S. $44 million from new and existing investors. Bessemer Venture Partners is the major investor in this latest round, followed by fifteen other investors including Broadcom Corporation, Cisco Systems, and Dell Ventures. With the close of this third round funding, Morphics has raised over U.S. $60 million since its formation in March of 1998. "Morphics has one of the most exciting technologies we've seen and it targets an important growing market -- 3G wireless," said Rob Chandra, general partner in Bessemer Venture Partners' Menlo Park office. "This talented team will impact the design and deployment of wireless infrastructure across the board -- capacity, cost and performance." "Investor interest in our business strategy was so high that this round was oversubscribed Refers to connecting more users to a system than can be fully supported if all of them were using it at the same time. Networks and servers are almost always designed with some amount of oversubscription, counting on the fact that everybody does not need the service simultaneously. ," said Colin L. M. Macnab, president and 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. of Morphics. "It is exciting to see this kind of interest and long-term support from the industry's leading semiconductor and communications companies, as well as the top venture capital companies committed to the growth of 3G technologies." Additional investors rounding out this third round funding include Innovacom/France Telecom, Mitsui Comtek Corp., Siemens Mustang Ventures, Sonera/Intellect Partners, and TVM TVM Time Value of Money (business, finance, economics) TVM Ticket Vending Machine TVM Thanks Very Much (logging abbreviation) TVM Transmission Voie Machine . All of Morphics' prior investors -- BCE BCE abbr. 1. Bachelor of Chemical Engineering 2. Bachelor of Civil Engineering BCE Abbreviation for before the Common Era. Capital, GSM Capital, and Walden International from the second round, and the Band of Angels, Crescendo Ventures, El Dorado Ventures and Venture TDF (language) TDF - An intermediate language, a close relative of ANDF. A TDF program is an ASCII stream describing an abstract syntax tree. TDF became part of TenDRA in abut 2001. of Singapore, from both the first and second rounds -- elected to participate in the third round. The third round funding will be used to increase engineering, sales, marketing, and operating resources as Morphics prepares to introduce its initial 3G wireless communications products later this year. About Morphics Founded in March of 1998, Morphics Technology is a privately held communications systems company with world-class expertise in 3G wireless communications, signal processing architectures and communications algorithms. Morphics supplies ICs for basestations and semiconductor IP cores for handsets/terminals that deliver unprecedented levels of signal processing performance to next generation wireless networks. For more information about Morphics Technology Incorporated, visit us at http://www.morphics.com. |
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