Silicon Valley Bank millions back Icera’s growth
Icera Inc, the soft modem semiconductor company with a Cambridge design hub, has completed a $12 million (£7.7m) debt facility with Silicon Valley Bank.
The combined facility, consisting of a $4m three-year term loan and a two-year $8m working capital line of credit, will be used to accelerate growth in the smartphone market and extend Icera’s global capabilities.Founded in 2002 and backed by a top tier European Venture Capital syndicate including Accel Partners, Amadeus Capital Partners, Atlas Venture, Balderton Capital and DFJ Esprit, Icera is the world’s leading company in the design, production and sales of soft modem chipsets that deliver high performance communication engines for cellular products, including smartphones, tablets and USB sticks. Stan Boland, president and CEO of Icera, said: “We are delighted with the confidence the team at Silicon Valley Bank has demonstrated in our business as we build on our success in data modems and address the much larger and fast growing smartphone market. “This facility is a solid foundation for our growth, enabling us to maintain our technological and performance lead with the roll out of our multimode 4G LTE and smartphone platforms in 2011.”Phil Cox, head of UK, Europe and Israel for Silicon Valley Bank added: “Icera is one of the most exciting and high profile semiconductor companies we’ve seen in the UK. “Driven by an exceptionally strong management team, the business is now leading the way in creating and delivering top quality high technology devices. We are delighted to be involved in Icera’s growth story and are confident that the company will go on to shape the industry on a global scale.” SVB Financial Group has had an office in London since 2004, and Silicon Valley Bank has been providing loans to UK-based technology and life science companies of all stages of their development from business start-up to major companies in the sector. SVB tells Business Weekly it is stepping up coverage of Cambridge tech plays although no decision has yet been taken on whether to establish a physical base here.Icera is a fabless semiconductor company, pioneering software-defined modem chipsets for the fast growing smartphone and Mobile Broadband device markets. Its technology delivers the highest performance modem solutions with the smallest silicon die size for smartphones, tablets and USB sticks and other ‘internet-everywhere’ consumer electronic devices. Icera technology supports 4G (LTE), 3G (HSPA) and 2G standards. Founded in 2002, Icera is headquartered in the UK, with design locations in Cambridge and elsewhere in the UK, France, the US and China, with customer engineering and sales offices in Europe, Asia and the US.