NEW YORK – By marrying two startups – each solid but neither quite ready for its IPO honeymoon – to form “a new superset company,” Tony Stelliga believes he can ensure that the bride and groom, RedMere (Cork, Ireland) and Toronto-based Fresco Microchip will live happily ever after.
Stelliga is the incoming president and CEO of Spectra7 Microsystems, the eventual “superset company.” Its business is focused on designing a system-level solution for fast-frequency agile interconnects. He likes to describe the deal as “one plus one is three.”
Does the math add up? Is the Honeymoon Suite a little too crowded?
According to
the announcement made Tuesday,
RedMere and
Fresco Microchip, two privately-held chip startups that have taken more than $80 million in venture funding, will merge with Chrysalis Capital VIII Corporation to create Spectra7 Microsystems, a high performance analog semiconductor company. Spectra7 plans to raise over $10 million in equity, including investments from venture capital firms, such as Celtic House Venture Partners, EdgeStone Capital Partners and Ventures West.
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