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.
Flexible sensor detects multiple ions in fluids
November 24, 2015
Imec and Holst Centre have demonstrated a prototype of a single-chip electrochemical sensor for simultaneous detection of ...
Starting all over again on plastic: ARM
From electronics to maths and money madness
Analog IC market growth set to slow
Volkswagen deploys data glasses in series production
Startup CircuitSeed wants to be the ARM of analogue
November 23, 2015
Founded last summer after two years of preliminary research and with several patents pending, Californian startup Circuit ...
Imagination Technologies leverages kickstarter for IoT kit launch
Taiwan considers lifting China investment ban
Why Japan hasn't led IoT
- Battery Size Matters
- Software-Defined Radio Handbook - 11th edition
- Multichemistry Buck Battery Charger Controller
- Automotive Circuit Protection using Littelfuse Automotive TVS Diodes
InterviewCEO interview: InvenSense's Abdi on expanding MEMS horizons
InvenSense Inc. is a MEMS company that has epitomized a fabless approach to a sector that is still highly reliant on a thorough grasp of the manufacturing and packaging processes. We interviewed CEO Behrooz ...
Filter WizardCheck out the Filter Wizard Series of articles by Filter Guru Kendall Castor-Perry which provide invaluable practical Analog Design guidelines.
Linear video channel
READER OFFERRead more
This month, FTDI Chip is giving away six MCU development board packages complete with a dedicated compiler (including a full integrated development environment).
Worth Euro 315 each, the packages include a credit card sized Clicker 2 board for the FT90X 32-bit MCU supplied alongside a powerful dedicated compiler from MikroElektronika.
MORE INFO AND LAST MONTH' WINNERS...
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.