July 17, 2012 -- RedMere Technology, Ltd. and Fresco Microchip, Inc. have entered into a definitive agreement to merge with Chrysalis Capital VIII Corp. to create Spectra7 Microsystems, a soon to be publicly traded company on the TSX Venture Exchange. Spectra7 will be a high-performance analog semiconductor company focused on delivering unprecedented bandwidth for mobile infrastructure and consumer products. The company is expected to raise over $10 million in equity, including investments from leading venture capital firms, such as Celtic House Venture Partners, EdgeStone Capital Partners and Ventures West.
Using technology developed by RedMere and Fresco, will be positioned to provide new system-level analog components that will deliver exceptional bandwidth over fiber and copper links and address the wireless bandwidth bottlenecks in the mobile internet. The combination of both companies will result in a capital investment to date of over $80 million, a significant portfolio of patents and development centers in four countries.
"The mobile internet has an insatiable appetite for bandwidth, growing almost 20 fold in the next four years, with connection speeds increasing 10 fold at the same time. As a result, smartphones, tablets and the wireless infrastructure require new analog signal processing technology," said Tony Stelliga the newly appointed CEO of RedMere. "Spectra7 captures this unprecedented opportunity with the unique combination of RedMere analog products, Fresco wireless technologies and a new capital structure. Spectra7's access to a broader capital base and its best-in-class wireline and wireless analog signal-processing capability will create a diversified, high-growth analog company, attracting the industry's best talent."
Spectra7 is expected to raise over $10 million of equity financing from new and existing RedMere and Fresco investors, including Celtic House Venture Partners, EdgeStone Capital Partners and Ventures West.
Posted by: John Miklosz
Go to the Fresco Microchip, Inc. website to find additional information.