Pixim Extends Series B Round By $5M

By Scott Denne      March 13, 2008     VentureWire

Reacting to larger than anticipated demand for its chips, Pixim Inc., has raised a $5.1 million extension of its Series B-1 round to close the round with $20.3 million.

The latest tranche, which closed in January, was provided by existing investors Mayfield Fund, Ridgewood Capital and Tallwood Venture Capital, according to John Monti, the company's vice president of marketing and business development.

VentureBeat first reported that the company had raised a new round of $21.6 million, which Monti says is not true.

The $15.2 million first tranche of the company's Series B-1 closed in May 2007 and was led by Tallwood, with participation from In-Q-Tel, Mayfield and Ridgewood.

Pixim's Orca chipsets, which function in glare, direct sunlight, reflections and strong backlight, has been shipping for over two years. The company's customers include General Electric Co., JVC Corp., Siemens AG, Cohu Electronics Inc., Lumenera Corp. and Honeywell International Inc.

Founded in 1999, Pixim has raised a total of $91 million to date, including a $12 million recapitalization in April 2005. Other investors include Mohr Davidow Ventures, Newbury Ventures, Atrium Venture Partners and Honda Motor Co.