Newnham unveils figures for funding round, adds new investor
As exclusively flagged up by Business Weekly last week, Newnham Technolgy has officially closed its Series B VC round, raising £7.25m ($13.25m).
Newnham said the venture funding would help it to expand the development and worldwide marketing of its interactive networked display software and semiconductor technology.
The round was led by Cambridge VC Prelude and the Esprit Capital fund alongside existing investors, Atlas Venture and Benchmark Capital and several private investors. As a result Prelude now has a 13.5 per cent shareholding in Newnham. The company ahs now raised a total of £11.9m ($21.75m).
In the past year Newnham has launched USB NIVO a low-cost, interactive and easy-to-use software/semiconductor solution for transporting high-resolution graphics from a PC to a display or multiple displays over USB 2.0.
The company has also announced that Alan Duncan, partner at Esprit Capital Partners, and David Mooring, former president of Rambus Inc. and a Newnham investor, have joined the company’s board as directors. Hamid Farzaneh, Newnham President and CEO said, “Advances in network display connectivity will overtake processors as the main driving force for growth in the computing industry over the next 10 years. Newnham’s NIVO™ technology is exceptionally well suited to become the de facto standard for wired and wireless networked displays."