Sondrel secures major funding today
Sondrel (AIM: SND), a leading provider of ultra-complex chips for leading global technology brands, has announced a major investment of £5.6 million by ROX Equity Partners Limited, a UK-based private equity investment holding company, through subscription for new shares. Due to the strategic importance of Sondrel in the UK’s semiconductor industry, the Secretary of State’s approval was required.
David Mitchard, Sondrel’s interim CEO, said, “We are delighted with this major funding as it will enable Sondrel to grow and expand its presence as one of the world’s leading providers of custom chip design and supply. In particular, it will enable us to rapidly develop our presence in the US where we recently opened an office in Santa Clara to provide a face-to-face service for North American customers wanting to use our renowned turnkey service for ultra-complex chips that goes from architectural specification right through to shipped silicon.”
Miles Woodhouse, Director at ROX Equity Partners Limited, added, “We are really impressed by Sondrel’s track record as one of world’s leading design companies for many years. Our investment is the culmination of many months of due diligence on Sondrel, its business models and management but, most importantly, on its technological solutions that set it apart from rivals enabling acceleration of a customer’s time to market for custom chips, which is so vital in the fast-moving world of electronics.
“In addition, its move into providing a full supply chain service for finished chips creates a repeatable, recurring revenue for the company. We have great confidence that Sondrel will continue to grow and expand its presence around the global market especially in North America where it has great appeal as, being a British company, means it is not constrained by any US trade restrictions.”
Graham Curren, Sondrel’s Founder, concluded, “This is another great milestone in Sondrel’s more than twenty-year journey. I am so proud of the Sondrel team that their excellent work and vision has won such a resounding vote of confidence by ROX that they have invested millions in the company and its vision of its future.”
