- 15 - 16 February, 2012
Southern Electronics - 08 March, 2012
UK Technology Day - 23 May, 2012
ElectroTestExpo
Elonics, the CMOS RF tuner company, has announced that it has received additional venture capital backing worth £6.1m ($9.5m) from new investors Scottish Equity Partners (‘SEP’) supported by Octopus Ventures (‘Octopus’), a division of Octopus Investments, as well as from a number of existing investors.
Founded in 2003, the company has achieved a major breakthrough in RF tuner technology, combining high performance with low power and cost. Elonics patented DigitalTune radio tuner chip technology platform, designed in CMOS, improves signal path management and can be easily configured to support television and radio standards across the globe. According to David Srodzinski, Elonics’ Chief Executive Officer, “We are very pleased to welcome SEP and Octopus Ventures in this round of financing. Their investment allows us to pursue our growth strategy, targeting the global television and radio market with our world-leading CMOS RF tuner technology. We have built up an excellent position in the silicon tuner market and this additional funding allows us to accelerate our sales momentum and grow the product portfolio.” SEP Partner Stuart Paterson who led the deal, said: “Elonics has created a product which twins high performance and low cost and it is also the greenest tuner on the market, consuming 1/50th of the power of traditional solutions. We expect the global tuner market to be worth in excess of $700 million per annum as the market transitions from 50 year old metal can technology to silicon chips. Silicon tuner sales are growing rapidly thanks to rising demand not just for set-top boxes but for more tuners per box to cope with added features. Elonics is led by a strong team including successful entrepreneurs who previously founded Wolfson Microelectronics, and who took it to become a highly successful international public company.” Chairman of Elonics (and former CEO of Wolfson Microelectronics), David Milne said, “It is an exciting time for Elonics as we look to use this significant new investment to drive the business forward. I believe that the company’s ability to attract this new investment highlights the quality of the Elonics team, the attractiveness of the product proposition and the growth prospects for RF tuner technology in the global television and radio business.” The investment will allow Elonics to accelerate the expansion of the overseas sales team with the opening of regional offices in Taiwan and China. In addition, the company will be embarking on a major recruitment drive aimed at bolstering its engineering team at its main UK base in Livingston.
