Once in a while we cover offerings above $1 million as it is too tempting to be the first to report them.
Newlans, a semiconductor designer, initiated a first close of $12.5 million on its $20 million non-brokered equity financing round. Fourteen investors participated to the private placement which started to sell on January 27th. Two previous financing rounds initiated by Newlans raised an estimated $9.5 million. The first offering which was for convertible debt and started to sell in June 2013, was upped from $2 million to $3.6 million in late October. This financing brings to $22 million the total estimated amount raised by the company.
The company designs re-configurable broadband analog signal processing semiconductors for mobile devices and the defense market. The company is backed by Paladin Capital a multi-stage private equity group with a taste for companies developing products with defense applications. The company’s wideband signal processing architecture for radio frequency semiconductor applications allows semiconductors to be reprogrammed hence reducing cost as well as size and power consumption.
The company is headquartered in Acton MA. Revenues were not disclosed. The executive team includes Dev Gupta (Founder, Chairman and CEO) and Divi Gupta (COO). The board of directors includes Paul Conley and David Furneaux.
Industry: Other Technology
Amount offered: $20 million
Amount placed: $12.5 million
First Sale: 01/27/14