Nokia Growth Partners Leads Growth Financing Investment in Summit Microelectronics.SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif. -- Summit Microelectronics Inc., the world leader in programmable power management integrated circuits Integrated circuits Miniature electronic circuits produced within and upon a single semiconductor crystal, usually silicon. Integrated circuits range in complexity from simple logic circuits and amplifiers, about 1/20 in. (1. , today announced Nokia Growth Partners, the later-stage focused investment arm of Nokia, has led a growth financing investment round in the company. The $10M round includes Nokia Growth Partners contributing $4M, with existing investors Norwest Venture Partners, August Capital, Pequot Ventures, 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. , Hotung Capital Management and others contributing $6M. "Mobile phones no longer just make voice calls, but connect to the Internet and act as our mobile camera, music player, navigation device, and even our mobile television. This growing functionality raises the importance of power management. Nokia Growth Partners is pleased to lead this investment round. Summit has assembled a world-class team specializing on these issues and has built unique products to help meet the rising power performance demands of mobile device manufacturers," said Rob Trice, of Nokia Growth Partners. "Having the world's largest user of power management ICs help fund our growth is very exciting," added Pat Brockett, Summit's 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. . "It reinforces our belief that Summit's technology will become pervasive in consumer and battery powered applications. The challenges of increasing complexity and battery run-time, coupled with tighter time-to-market pressure, have rendered the traditional 'hard-wired' analog building-block approach obsolete." "Summit's programmable power management technology is ideal for portable and handheld systems with applications ranging from intelligent battery management to powering next generation organic LED (OLED (Organic Light Emitting Device, Organic Light Emitting Diode) A thin film light-emitting technology that is expected to compete with LCD and plasma TVs as well as LCD monitors and readouts. ) displays," continued Brockett. "The unique combination of integration and programmability enables sophisticated power management functionality and unprecedented flexibility in design and production while preserving the lowest bill-of-materials cost." About Summit Microelectronics: "Programmable Power for a Digital World[TM]" Summit Microelectronics is the leader in flexible, highly integrated power management solutions combining precision power regulation with sophisticated digital control in a single chip. The Company's devices are found in a variety of consumer, communications and computing applications. Non-volatile digital programmability enables high integration and system flexibility in a single chip - impossible with conventional "hard-wired" analog power IC's - enabling sophisticated functionality and dramatically reducing design time. Additionally, high integration reduces the bill-of-materials yielding the lowest total system cost and smallest size. Summit solutions address the biggest challenges facing OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and developers today: increasing system functionality, performance and complexity accompanied by shrinking development time cycles. About Nokia Growth Partners Nokia Growth Partners (www.nokiagrowthpartners.com) is a global mid- to late-stage venture capital fund headquartered in Menlo Park, California Menlo Park is a city in San Mateo County, California in the United States of America. It is located at latitude 37°29' North, longitude 122°9' East. Menlo Park had 30,785 inhabitants as of the 2000 U.S. Census. . Nokia Growth Partners focuses on investments in information and communications technologies Noun 1. communications technology - the activity of designing and constructing and maintaining communication systems engineering, technology - the practical application of science to commerce or industry ranging from components to services, with an emphasis on mobility. Nokia Growth Partners is a standard limited partner venture capital fund with one investor, Nokia. The URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. for this news release is http://www.summitmicro.com/NGP |
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