Print  |  Send  |   

ClearSpeed set to raise £20 million in share placing

April 02, 2007 //

Parallel coprocessors and accelerator board developer ClearSpeed Technology (Bristol, England) is planning to raise £20 million($39 million) in a share placing on the AIM market in London following the announcement of full year results that saw pre-tax losses for the year ended December 2006 widen to £11 million ($21.5 million) from £7 million ($13.7 million) the previous year.


LONDON — Parallel coprocessors and accelerator board developer ClearSpeed Technology (Bristol, England) is planning to raise £20 million($39 million) in a share placing on the AIM market in London following the announcement of full year results that saw pre-tax losses for the year ended December 2006 widen to £11 million ($21.5 million) from £7 million ($13.7 million) the previous year.

However turnover tripled during the year to £1.9 million($3.7 million).

Tom Beese, ClearSpeed's CEO, told EE Times Europe : "2006 was always going to be the year for the strongest round of costs for us and the results reflect that. But the company is on track to achieve its objectives and at least a third of the funds being raised will be used for development of the next range of chips that will continue to target accelerated computing applications."

Beese said he felt it important to have a strong balance sheet. The company ended the last financial year with cash of £11.75 million.

The money is also earmarked to increase sales and marketing efforts into the finance and banking sectors, a strategy outlined by Beese late last year. He told EE Times Europe it was also important to focus on tools and applications developments.

The increased revenue was partly due to the delivery of the company's first major order to Sun Microsystems and the Tokyo Institute of Technology for 360 Advance accelerator boards.

Operating expenses increased 69 percent to £12.85 million, within which investment in research, design and development jumped by a third to £6.26 million while marketing and administration costs rose 126 percent to £6.58 million.

Beese said the upgrade of the company's Advance range of boards to PCI Express compatibility is on track, and ClearSpeed is about to launch a range of PCI Express boards.

All news

Boards & Embedded Cards,MPUs/MCUs,PLDs/FPGAs/ASICs,Test & Measurement

Follow us

Fast, Accurate & Relevant for Design Engineers only!

Technical papers     

Filter Wizard     

Check out the Filter Wizard Series of articles by Filter Guru Kendall Castor-Perry which provide invaluable practical Analog Design guidelines.

Linear video channel

READER OFFER

Read more

This month, Trinamic Motion Control is offering you to win one of four TMCM-1043 development kits for its highly integrated, NEMA 17-compatible TMCM-1043 stepDancer stepper motor module.

Offering designers an easy-to-use PC-based GUI that allows one-click modification of motor drive current, micro-stepping and other key parameters, the intuitive kits are custom designed and developed for...

MORE INFO AND LAST MONTH' WINNERS...

Design centers     

Automotive
Infotainment Making HDTV in the car reliable and secure

December 15, 2011 | Texas instruments | 222901974

Unique Ser/Des technology supports encrypted video and audio content with full duplex bi-directional control channel over a single wire interface.

 

You must be logged in to view this page

Login here :