Spacebridge Semiconductor secures $21 million in financing round
SGF Tech invests $17 million in the latest funding of Spacebridge Semiconductor
Gatineau, July 9, 2002 - SpaceBridge Semiconductor Corp., today announced the completion of a $21 million financing round led by SGF Tech, a subsidiary of Société générale de financement du Québec (SGF) – investing $17 million in support of SpaceBridge’s on‑going new product development and marketing efforts. Alcatel, Terence Matthews and Val O’Donovan have also reinvested in this round.
“The SGF investment in SpaceBridge shows that we are committed to the advancement of research and development in the field of broadband wireless communications, and to the growth of manufacturing in Quebec. We believe that this project will have a significant economic impact on the Western Quebec region. We are proud to be involved in the creation of new technologies and emerging industries”, said Mr. Simard, Minister of Education and Minister responsible for Western Quebec.
“Our research shows that SpaceBridge is one of the world leaders in the development of broadband wireless semiconductor solutions”, said Mr. Claude Blanchet, Chairman of the Board of Directors and Chief Executive Officer of SGF The firm has developed a unique and versatile platform that can be used by multiple communications networks. SpaceBridge products have reached a level of integration of functions on a single chip that is unmatched. They offer a comprehensive solution which is not available anywhere else in the world. The company also has all the technical expertise that it requires. SpaceBridge is made up of a team of experienced managers who have proven capabilities in creating a vision –and executing on that vision.”
Since its inception, SpaceBridge has invested substantial resources in designing a technology platform adaptable to multiple modes and protocols governing the field of wireless communications. The result of these efforts is the creation of integrated “Silicon plus software” solutions. Moving forward, SpaceBridge’s development strategy includes creating products by integrating existing architectures and technologies to meet the short term requirements of customers; improving the productivity and performance of SpaceBridge-designed semiconductors while reducing manufacturing costs; and, developing new products capable of supporting higher speeds, new protocols, modulations, and encodings.
“The services that our products enable represent a new frontier for wireless access and high‑speed data transmission, providing greater value to our customers”, stated Mr. Avedis Menechian, President and CEO of SpaceBridge. “Considering the limited amount of equity investments in the region, this is a solid indication of the level of confidence that these investors have in SpaceBridge and its products. We are pleased with this investment and the caliber of our partners”.
SGF Tech is a subsidiary of the Société générale de financement du Québec. Its mission is to create economic development projects in collaboration with partners and within standard profitability conditions. Since its restructuring in 1998, the SGF has invested nearly 7.5 billion dollars and has created 19,400 direct and indirect employment positions in various projects leading to the operational stage, in addition to thousands of jobs created during the construction phase. As of December 31, 2001, the SGF’s consolidated assets exceeded 3 billion dollars. The SGF has 57 international partners operating businesses in Quebec. (sgfqc.com).
SpaceBridge is a world leader in the field of broadband wireless semiconductor solutions. The company develops access solutions and highly integrated circuits (high speed digital modems) for the broadband wireless market. More information is available on the SpaceBridge corporate website: www.spacebridge.com.
SpaceBridge Semiconductor Corporation
, ext. 6088
Société générale de financement du Québec