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.
Indian fab project hires former GloFo exec
August 01, 2015
Indian foundry fab will be located near Indore in Madhya Pradesh. The company reports that talks are moving the project forward ...
OmniVision shareholders approve Seagull takeover
Ancient RF teardown: crude but effective
Omnifocal eye-glasses need two-year's development
Is 3D XPoint based on phase-change memory?
Google Glass refocuses on enterprises, circumvents privacy issues
July 31, 2015
According to the Wall Street Journal, Google Glass has been relooked to and redesigned with a bigger display and a faster ...
IoT wireless sensors and the problem of short battery life
High speed DAC for wide bandwidth signal generation
IBM's Watson to help CVS manage patient health data
- Dual Phase Buck Controller Drives High Density 1.2V/60A Supply with Submilliohm DCR Sensing
- Test environment for the positioning elements of wearable devices
- Automotive Circuit Protection using Littelfuse Automotive TVS Diodes
- Top 5 Challenges for testing Today's Consumer Electronics
InterviewGlobalfoundries' CEO on why FD-SOI and why now
With its latest news Globalfoundries Inc. has not only confirmed itself as a supporter of the fully-depleted silicon-on-insulator (FD-SOI) approach to IC manufacturing but that it also thinks sufficiently ...
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, Novelda is giving away two full XeThru Inspiration kits worth 1499 US Dollars each, for EETimes Europe's readers to experiment first hand with its XeThru technology.Based on the use of radio waves, rather than infrared, ultrasound or light, the company's X2M1000 Inspiration modules can detect presence just from the chest movement while breathing, and measure both the rate and... 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.