Summit Microelectronics, a developer of programmable power management ICs, has received funds from Nokia Growth Partners as part of a growth financing investment round in the company.
The $10 million round includes Nokia Growth Partners contributing $4 million, with existing investors Norwest Venture Partners, August Capital, Pequot Ventures, Bessemer Venture Partners, Hotung Capital Management and others contributing $6 million.
"Having the world's largest user of power management ICs help fund our growth is very exciting," added Pat Brockett, Summit's President and CEO. "It reinforces our belief that Summit's technology will become pervasive in consumer and battery powered applications. The challenges of increasing complexity and battery run-time, coupled with tighter time-to-market pressure, have rendered the traditional 'hard-wired' analog building-block approach obsolete."
"Summit's programmable power management technology is ideal for portable and handheld systems with applications ranging from intelligent battery management to powering next-generation organic LED (OLED) displays," continued Brockett.