Venture Capital News: CrestaTech Secures $13M
SANTA CLARA, CA, Developer of Smart Tuner ICs for the fast-growing market of Smart TV devices, raised funding led by Bechtolsheim Ventures, Benhamou Global Ventures, Sofinnova Ventures and AVM Capital LP.
CrestaTech today announced it has secured a $13 million round of funding. The investment will be used to accelerate development of Smart Tuner ICs for the fast-growing market of Smart TV devices. The investment was led by Bechtolsheim Ventures, Benhamou Global Ventures, Sofinnova Ventures and AVM Capital LP.
"This new funding round enables us to deliver a next-generation global Smart TV platform with several new Smart Tuner product releases this year," said George Haber, CEO of CrestaTech. "Our products enable a single global platform for the TV of the future that is adaptable to support the cloud services, applications and feature sets found in mobile devices."
Originally pioneered and marketed under the Xceive brand, the CrestaTech patented Smart Tuner architecture features an RF tuner and a programmable DSP. A variety of leading flat panel TV makers have adopted Xceive Smart Tuners and have led the trend towards the elimination of bulky mechanical CAN tuners of the past.
"The flexibility and customization aspects of our silicon tuner ICs have resonated with manufacturers who are globally deploying the technology in high performance TVs," said Mathew Lewis, CFO of CrestaTech. "This new investment will allow us to further penetrate the TV market with even higher levels of performance, integration, ease of use and affordability."
By investing in the Smart TunerTM product line and leveraging CrestaTV programmable broadband technology, CrestaTech is well positioned to further penetrate the 500 million unit TV/STB market and expand into smart devices like smartphones, tablets and media players.
Located in Silicon Valley, CrestaTech (www.crestatech.com) is a wireless systems company that combines precision RF IC engineering with digital signal processing techniques to enable region-free TV reception on any device. Such techniques are dubbed "programmable broadband" and found in CrestaTech Smart Tuner ICs and CrestaTV solutions. Today, CrestaTech ICs and software can be found in many of the world's leading flat panel TV brands and will soon be found in a variety of mobile devices including notebooks, tablets, smartphones and media players.
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