Oct 11 2010
GEO Semiconductor Inc, a leading light in high performance programmable video and geometry pixel processor IC Solutions used in smart phone cameras and LED-backlit LCD displays, confirmed that they have received a $2 million funding in both venture debt and equity.
The equity segment of the funding was provided by the management and shareholders of the company while the venture capital was provided by Montage Capital and the Harris and Harris Group.
GEO plans to route the funds to sustain its multiple design solutions in applications related to smartphone cameras, surveillance, LED back lighting for LCD flat panel displays, video conferencing, digital cinemas, 2D/3D projection and laser 3D TVs, and also for other business development activities including IC shipments.
Paul Russo, GEO’s CEO and Chairman, stated that he was happy to have secured capital funding, and was also pleased to welcome the most recent investors, Harris and Harris Group and Montage Capital. He further affirmed that the additional finance would help them to achieve enhanced growth levels, in rectifying sensor pixel non-uniformity issues and optical anomalies found in smart phones, and also fix brightness and color uniformity problems in LED-backlit LCD displays. He was also grateful to the existing investors for the wholehearted support extended by them. He believed that this finance would also help to expand the business, especially for the series B funding, needed to develop the new version of eWarp geometry processing solution, to be launched during the fag end of the year.
Source: http://www.geosemi.com/