Portfolio Press Release
Silicon Optix Closes on $40 Million of Series C Financing
Co-Lead By Apax Partners and Interwest Partners
San Jose, CA - September 7, 2004 — Silicon Optix, a fabless semiconductor company focused on advanced digital video and image processing, today announced that it has closed on $40 million in Series C financing. InterWest Partners, a leading diversified venture capital firm, together with funds advised by Apax Partners, one of the world's largest private equity firms, co-lead the round, which also included existing investors Polaris Ventures, Canaan Partners and Focus Ventures. The company plans to use the proceeds to drive the launch of its next-generation integrated circuit (IC) products, integrate the recently completed acquisition of Teranex and meet the rapidly growing demand it is seeing for its current products.
Founded in 2000, Silicon Optix offers one of the highest value semiconductor ICs that can be used inside virtually every projection display, HDTV and high-end DVD player. The company's chips perform digital signal processing (DSP) functions that convert and enhance incoming signals to improve image quality and overall system performance - for example, the per-pixel video image conversion from NSTC and PAL to High Definition (HD). Silicon Optix recently further strengthened its product portfolio by completing the acquisition of Teranex, Inc., a leader in array processors for digital media processing for the broadcast, post-production, and high-end home theater markets. In conjunction with the transaction, industry veterans Dr. Alexander Wong of Apax Partners and Tom Rosch of InterWest Partners have joined the Silicon Optix Board of Directors.
Silicon Optix's CEO Paul Russo said, "We are excited to not only complete this important financing co-lead by Apax Partners and InterWest, but to also join with these respected and experienced technology investors as we aggressively pursue the significant opportunity for our image processing semiconductor products in a broad range of video processing and higher-end digital display markets. We also want to take this opportunity to thank Scott Jones of Origin Partners for his effective and extensive past services as a board member."
Alexander Wong, a partner of Apax Partners, commented, "Silicon Optix's products advance video and image processing to the next level by providing consumers with a true Hollywood Quality Video(TM) experience. In addition, the powerful programmable platform enables their customers to offer differentiated world-class products."
"Silicon Optix is one of the brightest stars in the emerging technology markets today," commented Tom Rosch, general partner at InterWest Partners. "No one else can even come close to Silicon Optix in the explosive digital TV, projection, DVD and broader image-processing markets. Quite simply, Silicon Optix has built a revolutionary software-programmable platform that will transform the world of digital video and image processing; it will likely transform many other signal processing segments in the coming years as well. When you combine revolutionary technology with one of the best management teams in the industry, we think you've got a recipe to build a truly landmark company."
About Silicon Optix
Silicon Optix Inc., a privately held fabless semiconductor company, is the leading supplier of digital video scaling and geometry processing technology delivering innovative IC and system solutions to the capture, transmission, distribution, editing, storage and display markets. Silicon Optix is headquartered in San Jose, California, with operations in Hannover, Germany; Orlando, Florida; Taipei, Taiwan and Toronto, Canada. For more information about Silicon Optix, please visit the web site at www.siliconoptix.com.
About Apax Partners
Apax Partners is one of the world's leading private equity investment groups, operating across the United States, Europe, and Asia. With over 30 years of direct investing experience, Apax Partners provides long-term equity financing to entrepreneurs to build and strengthen world-class companies. It pursues a balanced equity portfolio strategy, investing in companies at all stages of development from early stage to buyout. Apax Partners focuses on six industry sectors: information technology, telecommunications, retail, healthcare, media and financial services. The firm's investments in the information technology sector include: Princeton Softech, Jamdat, Oblix, Audible, Bristol, INEA, Intralinks, NEP Broadcasting and Inmarsat. Apax Partners manages and advises over $12 billion on behalf of leading institutional investors around the world. For more information visit: www.apax.com.
About InterWest Partners
InterWest Partners, founded in 1979, is a leading diversified Venture Capital firm focused on building long-term relationships with entrepreneurs and portfolio companies. With $1.6B capital under management, InterWest's experienced partners bring together deep domain knowledge in medical technology, telecommunications and software. InterWest takes a long term, collaborative approach to venture funding, providing early stage and ongoing enlightened capital, management coaching and access to a broad network of resources. Examples of the firm's previous information technology investments include CIENA Corporation, Copper Mountain Networks, Lightera Networks (acquired by Ciena), Silicon Graphics, SiTera (acquired by Vitesse), Stratacom (acquired by Cisco), and Xilinx. InterWest Partners has offices in Menlo Park, California and Dallas, Texas.
Contact
Laura Brightsen
Director of Marketing and Communications
Apax Partners
212-419-2461
laura.brightsen@apax.com