Coresonic, a provider of baseband processor technology, has raised SEK20m in an issue of new shares.
The round was led by SEB Venture Capital and attracted further financing from existing investor Industrifonden.
The capital will enable Coresonic to drive the international sales expansion and continue building a strong technology platform.
Coresonic, founded in 2004 based on the outcome of a research project at Linköping University, has developed a patented technology for digital signal processing. Customers are all chip manufacturers with products that include signal processing, such as radio, phones and WiFi.
"Digital signal processing is not only a prerequisite for virtually all contemporary communications and electronics consumer devices; it has also become the dominant value driver for the entire semiconductor industry. The main bottleneck is no longer processing speed for computer applications, it is the need to improve communications and enhance the consumer experience of multimedia content. The digital signal path is therefore one of our main investment areas and Coresonic is a company ideally positioned to become a leading actor in this new arena," says David Sonnek, head of business development technology investments at SEB Venture Capital.
Johan Lodenius, chief executive of Coresonic, says: "Given the recent growth and strong international interest in our technology, this additional funding and shareholder commitment secures our expansion plans. Our breakthrough innovations in signal processing, the foundation of all digital communications systems, provide substantial reductions of cost, power and development time for our customers. We thank our new and existing shareholders for their support and look forward to continue developing our business."
