$12 million investment will develop technology that reduces world energy usage
CICLON Semiconductor Device Corporation announced the close of its second round of financing at $12 million. The funds will be used to continue the development and commercialization of radical new products and technology that delivers performance gains previously not achievable with existing technologies.
Led by a team of semiconductor design and industry veterans, CICLON's technology continues to attract new investment. Guggenheim Venture Partners led the Series B round. The round also included reinvestment by both of the first-round funding partners: TL Ventures and Venrock Associates.
"CICLON is rapidly moving towards the commercialization of our revolutionary new products and technology that reduce world energy usage through highly efficient power semiconductors," said Mark Granahan, President and CEO of CICLON. "We are thrilled that distinguished partners such as Guggenheim Capital, TL Ventures and Venrock Associates endorse our vision."
Michael Burns of Guggenheim Venture Partners joins CICLON's board. "The products and technology CICLON has developed address the publicized energy challenges for high-density information technology well into the next decade. CICLON has validated its value in real-life applications, and we are extremely excited about our participation in this technically challenging and fast-growing market," said Burns. "Further, the company has an extraordinarily strong balance sheet that enables them to capitalize on current market dynamics generating a significant business opportunity for CICLON."
