picoChip raises $20million, now set for IPO
1 min read
Despite the current reluctance of investors to fund technology companies, picoChip has completed a $20million funding round, supported by the company's existing investors.
"This investment comes as the market is taking off for picoChip," claimed ceo Nigel Toon, pictured. "It is testament to what we have already achieved and our investors' belief in our future. picoChip was the pioneer in femtocell technology and we are delighted to see our customers and partners deploying in volume in the rapidly developing global femtocell market. This investment strengthens our balance sheet and fully funds us through to IPO."
According to ABI Research, demand for femtocells in 2010 will reach 2.3million units, rising to 40m units in 2014. picoChip is one of the leading suppliers to femtocell providers.
Meanwhile, picoChip's annual revenues are currently running at around £20million, with some 75% of revenues derived from sales of picoArray technology to WiMAX infrastructure and LTE developers. However, Toon expects the balance to change by the end of 2010, with femtocell sales dominant.
