Summit Raises $8.3 Million To Drive Focus on Communications Infrastructure

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Reader Inquiries: Editorial Contacts: USA and Asia Applications Department Summit Microelectronics Tel: +1.408-436-9890 Barbara Kalkis Maestro Public Relations Tel: +1.408.996.9975 Europe Ken Slade Summit Microelectronics Tel: +44 (0) 1344 292350 Andrew Phillips Pinnacle Marketing Communications Tel: +44 (0) 20 8938 4670 Summit Raises $8.3 Million To Drive Focus on Communications Infrastructure CAMPBELL, CA -- August 22, 2000 -- Summit Microelectronics, Inc. has announced completion of a new round of funding amounting to $8.3 million. The capital will support the Company's focus on the communications infrastructure market. Investors include Norwest Venture Partners (Palo Alto, CA); August Capital (Menlo Park, CA); and Bessemer Ventures (Menlo Park, CA). All of the companies are also previous investors of Summit. "This round of funding allows us to continue providing semiconductors that address the three key challenges in system design: achieving carrier-class availability, developing highly integrated devices that condense the number of semiconductors on a board, and shortening time to market with new products," explained Rick Orlando, president and CEO of Summit. Arun Veerappan, managing director and senior technology analyst at Robertson Stephens said, "The global demand for bandwidth driven by an ever increasing suite of compelling end-user applications coupled with the rapid advances made by equipment manufacturers has led to a virtuous cycle of internet infrastructure investment on a world-wide basis. The market for communications components as a result (wireline, wireless and optical ICs and devices) is expected to reach $100 billion over the next three years. A critical differentiating factor for internet infrastructure OEMs in terms of gaining mind share and market share at their customers, the service providers, is the ability to introduce 'fail-safe' equipment. Summit's system devices lead the charge in addressing this critical trend and need, in our view". Summit's power management system solution, which is based on proprietary analog technology, helps communications equipment suppliers achieve carrier-class availability -- denoted as 99.999% uptime -- by monitoring, measuring, conditioning and controlling the functions critical to the system's integrity. Summit plans to use the capital to support the design of additional chips in its portfolio. Members of Summit's board of directors include chairman James Diller, Sr., who is also chairman of Elantec and founder and vice chairman of PMC-Sierra; Barry Cox, chairman of QED; Tom Klein, founder of Sierra Semiconductor; and Bruce Graham of Bessemer Ventures.   About Summit Summit Microelectronics develops semiconductors that manage the power functions in communications system equipment. Using Summit's analog technology, customers can achieve carrier-class availability, the highest standard of reliability available today for telecommunications, data communications and Internet applications. Founded in 1997, Summit is headquartered in Campbell, California. The Company is ISO 9001 certified and is in the process of gaining ISO 14000 and STACK certification. Summit's website is www.summitmicro.com. return to top press archives home Copyright©1999-2003 by Summit Microelectronics, Inc.