SOURCE: Semitech Semiconductor

Semitech Semiconductor

January 19, 2011 11:00 ET

Semitech Semiconductor Closes Funding Round of up to $9M Led by Cleantech Ventures of Melbourne, Australia

Funding to Drive Company Growth and Expansion Through Revenue Ramp, Increased Europe and Asia Support and Next Generation Product Development

SINGAPORE--(Marketwire - January 19, 2011) -  Semitech Semiconductor, a provider of power line communications solutions that transform the electricity grid into a smart grid, today announced it has completed its Series A financing, raising AU$3.4 million with an option for an additional AU$6 million. Melbourne, Australia-based Cleantech Ventures led the round, with participation by all existing Semitech investors including SIMAC Capital and Get2Volume.

"Power line communications is a key enabling technology to smart grid communications, and a core green initiative worldwide," said Jan Dekker, managing director of Cleantech Ventures. "By enabling robust communications in noisy power line environments, Semitech's technology and products solve the problems that have prevented power line communications from growing more rapidly. We are pleased to lead this strategic round of funding that enables Semitech to continue to grow and lead the industry in power line communications solutions."

Semitech Semiconductor has recently announced its SM2200 and SM2101 power line communications transceivers. These devices provide the industry's most robust, reliable power line communications.

"We see significant demand for our power line communications products, especially given the growth of the smart grid markets," noted Matt Rhodes, Semitech CEO. "With this funding, we are taking Semitech's industry proven power line communications solutions to the next level in order to meet the growth needs of the smart grid market place." 

Due to harsh noise, variations in equipment and differing standards, communications over the power grid are difficult. Semitech uses modulation and signal processing technology that is not only adjustable in speed, but also "frequency agile" to deliver highly robust and reliable communications. Semitech's available products include the SM2200 OFDM power line communications transceiver, the SM2101 FSK/BPSK transceiver and the SM6401 power line communications system on a chip.

For more information, visit www.semitechsemi.com.

About Cleantech Ventures
Cleantech Ventures is a specialist venture capital investor targeting companies in the Cleantech sector that possess unique intellectual property and know-how and that have global potential.

Cleantech Ventures manages the Cleantech Australia Fund and the Victorian Government-funded CEGT Fund with a total of 7 investee companies currently within its portfolio. For more information about Cleantech Ventures, visit www.cleantechventures.com.au

About Semitech Semiconductor
Semitech Semiconductor provides the semiconductor devices that enable the transformation of the electricity grid into a smart grid. By connecting utilities to their customers, Semitech's chips help to transform homes into energy-aware "smart homes" that react to conditions on the grid, thus implementing a worldwide communications network based on the existing power grid.

Semitech's devices are used in smart meters, smart grid monitors and street light controllers to implement a connected system that is significantly more reliable and flexible than existing approaches -- and interoperates well with prior deployments.

For more information, please visit www.semitechsemi.com.

Contact Information

  • Media Contact:
    Dena Jacobson Grigas
    Lages & Associates
    (949) 453-8080
    Email Contact